AIR - Records Fall as Rate Cut Signaled

Stocks reached record highs Wednesday after testimony from Federal Reserve Chair Jerome Powell bolstered the case for easier monetary policy in the U.S.

The Dow Jones Industrial Average came off their highs of the morning, but still gained 88.78 points to 26,872.27

The S&P 500 gained 13.51 points to 2,993.14, having earlier broken through the 3,000-point barrier.

The NASDAQ Composite jumped 52.29 points to 8,194.02

AAR Corp. and AngioDynamics are among the firms announcing earnings Wednesday.

In prepared testimony to the House Financial Services Committee, Powell said business investments across the U.S. have slowed “notably” recently as uncertainties over the economic outlook linger.

His testimony comes after the Fed opened the door to cutting rates at its previous monetary policy meeting in June. The central bank dropped the word "patience" in its statement then.

Prices for the benchmark 10-year U.S. Treasury gained some ground, lowering yields to 2.05%, from Tuesday's 2.06%. Treasury prices and yields move in opposite directions.

Oil prices roared ahead $1.83 to $59.66 U.S. a barrel.

Gold prices recovered $11.50 to $1,412 U.S. an ounce.