All three major U.S. stock market indices jumped to new record highs. The Dow Jones Industrial Average rallied over 270 points, lifted by the gains from Nike
In Federal Reserve Chairman Jerome Powell's final day addressing Congress, Powell spoke on various issues including wage growth, monetary policy, and the impact of the coronavirus. On the latter, Powell stated: "The real question for the Fed is: What is the likely effect on the U.S. economy? And I think we'll begin to see that in economic data coming up fairly soon. It's too uncertain to even speculate about what the level of that will be...But we do expect that there will be come effects. The effects should be substantial in China, important but maybe less substantial in their immediate trading partners." On wage growth, Powell sees productivity as a major factor to see any meaningful increase in the future.
Here's how the stock market closed for a record Wednesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In Major Stock News, Lyft
In Stock Sector News, all sectors expect Consumer Staples, which slightly dipped -0.04%, saw notable performance gains in Wednesday's market. Gains were lead by Energy +1.36%, Information Technology +1.06%, Consumer Discretionary +0.99%, Communication Services +0.92%, Industrials +0.92%, Real Estate +0.67%, Materials +0.52%, Health Care +0.14%, Financials +0.07% and Utilities +0.02%.
Lastly, in Commodity and Currency News, crude oil barrel prices saw their best day in over a month, with West Texas Intermediate
