The Dow Jones Industrials hurtled higher 265.83 points at 34,156.85.
The S&P 500 leaped 52.91 points, or 1.3%, to 4,163.99.
The NASDAQ Composite rocketed 266.34 points, or 1.9% to 12,113.79.
The major indexes ricocheted during and shortly after his remarks in a midday conversation at the Economic Club of Washington, D.C.
Powell said later in the discussion that the Fed could be forced to hike more aggressively, which could have briefly spooked investors. The three major indexes turned negative after initially popping on Powell’s remarks before settling in the green.
There’s been an increase in mentions of artificial intelligence (AI) during earnings calls from a few megacap technology companies, according to Ark Invest.
Notably, Alphabet, Meta and Microsoft all experienced a jump in the mentioning of the advanced technology on their fourth-quarter earnings calls over the past few weeks, the firm said.
Prices for the 10-year Treasury subsided, raising yields to 3.69% from Monday’s 3.65%. Treasury prices and yields move in opposite directions.
Oil prices advanced $3.28 to $77.39 U.S. a barrel.
Gold prices gathered four dollars to $1,883.50 U.S. an ounce.