U.S. stocks close mixed after Powell's testimony
U.S. stocks closed mixed on Wednesday as investors digested Federal Reserve Chairman Jerome Powell's latest testimony.
The Dow Jones Industrial Average increased 92.10 points, or 0.33 percent, to 27,783.59. The S&P 500 rose 2.20 points, or 0.07 percent, to 3,094.04. The Nasdaq Composite Index decreased 3.99 points, or 0.05 percent, to 8,482.10.
The current stance of U.S. monetary policy is "likely to remain appropriate" as long as the U.S. economy stays on track, Powell said on Wednesday at a hearing held by the Joint Economic Committee of Congress.
Despite an overall favorable baseline for the U.S. economy, the Fed chairman pointed out several "noteworthy risks" to the economic outlook, including sluggish growth abroad, trade developments and muted inflation pressures.
The central bank has already cut its benchmark rate three times this year to a range of 1.5 percent to 1.75 percent.
On the economic front, U.S. consumer price index rose more than expected in October. The Consumer Price Index for All Urban Consumers rose 0.4 percent on a seasonally adjusted basis after being unchanged in September, the U.S. Department of Labor said on Wednesday.
