The stock market rose higher on Wednesday as each of the three major indices shook off some recent losses and the Dow rising to a record closing high as investors looked past some inflation concerns and rising interest rates. Market rotations from high growth names into more cyclical and value stocks that led market trends throughout last year have started to impact Wall Street again throughout this week.

In Federal Reserve Chairman Jerome Powell's Wednesday testimony before the House of Representatives Financial Services Committee, Powell stated that inflation can become volatile as the economy reopens and there is increased demand. However, he does not expect inflation to be high and said that the central bank will be able to combat spikes in inflation if they arise.

Meanwhile, the U.S. Food and Drug Administration's (F.D.A.) staff stated in new documents released on Wednesday that Johnson & Johnson's (JNJ  ) single-shot coronavirus vaccine candidate demonstrated both a safe and effective profile. Last month, the drugmaker found that its vaccine was 66% effective overall at protecting against severe COVID infection in its global late-stage clinical trial. In the U.S., the vaccine was 72% effective.

The F.D.A.'s advisory panel is set to discuss the approving the vaccine for public use on Feb. 26, with the regulator set to approve the company's request for an emergency use authorization soon after.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): +1.13% or +44.03 points to 3,925.40

Dow Jones Industrial Average (DIA  ): +1.35% or +424.78 points to 31,962.13

Nasdaq Composite Index (QQQ  ): +0.99% or +132.77 points to 13,597.97

For Stocks, shares of GameStop (GME  ) surged more than 100% on Wednesday in late afternoon trading which had no known catalyst. The video game retailer ended the session up 103.9% higher, which trading halting at one point, closing at $91.71. MicroStrategy (MSTR  ) shares rose over 18% after the enterprise software company announced that it had purchased $1 billion worth of Bitcoin.

For Sector Performance, sectors on the S&P 500 rose higher alongside the broader market on Wednesday, with only Consumer Staples (XLP  ) and Utilities (XLU  ) falling lower. Energy (XLE  ) was the lead gainer, rising over 3.6%, and Financials gained over 2% and Industrials (XLI  ) and Information Technology (XLK  ) rounded out the top four.

For Commodities and Currency, the U.S. Dollar (UUP  ) slipped lower on Wednesday following Powell's remarks that ignited fears of inflation. The dollar index, which tracks the greenback against six other global rivals, fell 0.07% lower at 90.058. Gold (GLD  ) prices pared some losses from their more than 1% dropped earlier on Wednesday, helped by Powell's dovish comments, but elevated U.S. Treasury yields harming the yellow metal's appeal as an inflation hedge. Spot gold was 0.3% lower at $1,800.27 per ounce, while U.S. gold futures settled down 0.3% at $1,800.00. Crude oil prices rose on Wednesday after U.S. government data showed a decline in crude outputs after the winter storm in Texas disrupted production last week. International benchmark Brent Crude (BNO  ) climbed 2.1% to $66.74 per barrel, while domestic index West Texas Intermediate (USO  ) gained 2.1% to $62.94 each.

For Thursday, market participants will turn their attention to fresh unemployment data from the Labor Department.