Dow closes at record high as Powell signals Fed to remain accommodative

Dow closes at record high as Powell signals Fed to remain accommodative

The Dow closed at record highs on Wednesday after Federal Reserve Chairman Jerome Powell wrapped up his second day of testimony to Congress.

Powell reiterated his view that the US economy still has a long way to go before hitting the Fed's unemployment rate and inflation targets, signalling that the Fed is likely to continue remaining accommodative with its near-zero Federal Funds Rate and monthly bond purchases.

Technology stocks rebounded following a volatile Tuesday sell-off that was sparked in part by fears of rising interest rates and inflation. The 10-year Treasury yield hit a high of 1.42% on Wednesday.

Here's where US indexes stood at the 4:00 p.m. ET close on Wednesday:

The volatile trading in bitcoin continued on Wednesday, as it hovered around the $50,000 level. Square and MicroStrategy both said they purchased more bitcoin, and Ark Invest's Cathie Wood said she is still "very positive" on the cryptocurrency.

EV company Fisker Inc. soared as much as 45% after it inked a memorandum of understanding with iPhone manufacturer Foxconn to develop a new vehicle scheduled for a release in 2023. 

A steep decline for Tesla this week served as an opportunity for Ark Invest to buy the dip for its investment funds, with the investment