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The S&P 500 Index rose to a record high on Wednesday (July 14) morning.
CNBC reports the broad index traded roughly 0.3% higher, with the Dow Jones Industrial Average adding about 70 points (0.2%) and the Nasdaq Composite adding about 0.4%, with major gains in technology stocks, including both Apple and Google's parent company Alphabet reaching personal all-time highs.
The boost comes after Federal Reserve Chairman Jerome Powell acknowledged improvements, but said the central bank wouldn't change its ultra-easy monetary policy until even more are made.
“The markets have gotten very accustomed to ‘low rates for longer’ and Powell’s comments today don’t necessarily change that,” said Diane Swonk, chief economist at Grant Thornton, via CNBC. “The reality is the Fed has to deal with whatever comes in.”
Powell is scheduled to appear before Congress in his required semiannual testimony on Wednesday and will address whether the central bank can wait before beginning to ease its bond purchases, despite surging inflation readings, according to remarks released prior to Wednesday's testimony obtained by CNBC.
Powell confirmed in his prepared statement that he still expects inflation to moderate.
“At our June meeting, the Committee discussed the economy’s progress toward our goals since we adopted our asset purchase guidance last December. While reaching the standard of ‘substantial further progress’ is still a ways off, participants expect that progress will continue,” Powell said.
Powell is scheduled to appear before the House Committee at 12:00 p.m. local time on Wednesday and testify before the Senate on Thursday (July 15).