US stocks finished higher on Wednesday after Federal Reserve Chairman Jerome Powell hinted that an interest rate cut could come soon.
The Nasdaq Composite hit a new closing record, surpassing last week’s all-time high. The S&P 500 fell just a few points short of a fresh record.
All three benchmarks hit intraday highs on Wednesday.
Gains were mostly driven by energy, telecommunications and technology stocks.
US oil futures settled 4.5% higher at $60.43 a barrel, their highest level in seven weeks. Tropical Storm Barry poses a threat to crude production in the Gulf of Mexico. And crude oil inventories declined last week, according to newly released data. Both factors are driving the price of oil higher