The 30-stock index fell back 58.06 points to close at 32,798.40.
The S&P 500 recovered 5.64 points to 3,992.09.
The NASDAQ Composite gained 45.67 points to 11,576.
While Powell emphasized during his testimonies that no decision’s been made about the March meeting, traders are betting on a bigger-than-expected hike. More than 75% are calling for a 50 basis point increase,
Stocks briefly took a slight leg lower after data showed job openings fall less than expected in January. A stronger-than-expected February private payrolls report on Wednesday also suggested that the economy is standing strong despite the Fed’s hiking campaign, adding to investor concern that bigger rate increase may be ahead. It precedes Friday’s February jobs data after January’s blockbuster report.
Job openings fell in January but remained elevated and still outnumber available workers by a nearly two-to-one margin, the U.S. Labor Department reported Wednesday.
Available positions totaled 10.824 million for the month, a decline of about 410,000 but still above estimates for 10.58 million.
Stocks are coming off a down session after comments from Powell’s Senate testimony cautioned lawmakers that the central bank’s terminal rate will likely be higher than previously anticipated due to stubbornly high economic data in recent weeks.
Prices for the 10-year Treasury fell, raising yields to 3.98% from Tuesday’s 3.97%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.06 to $76.52 U.S. a barrel.
Gold prices slid $1.20 to $1,818.80 U.S. an ounce.