Stock Market Today: Stocks Rise After Powell Repeats Rate-Cut Message

The main indexes closed higher after Fed Chief Powell stuck to his script on inflation and interest rates in today's congressional testimony.

Federal Reserve Chair Jerome Powell speaking into microphone in congressional testimony
(Image credit: Getty Images)

Stocks hit their session lows Wednesday just as Federal Reserve Chair Jerome Powell began his testimony in front of Congress. However, the main indexes quickly rebounded and climbed higher into the close.  

Speaking in front of the House Financial Services Committee, Powell stuck to his recent script, reiterating that the Fed needs more evidence that inflation is easing before rate cuts begin. "We are just being careful," the head of the central bank stated. 

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Karee Venema
Senior Investing Editor,

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.