Stock market today: US stocks hold near records as Powell buoys rate-cut hopes

US stocks held near all-time highs on Wednesday as Jerome Powell's remarks to the Senate buoyed rate-cut hopes, with the Federal Reserve chair set to return to Congress for another day of testimony. The S&P 500 rose roughly 0.2%, coming off a 36th record close for the benchmark. The Dow Jones Industrial Average hugged the flatline, while the tech-heavy Nasdaq Composite edged about 0.4% higher.

He also cautioned that keeping rates elevated for too long could weaken the economy, giving hope to rate-cut-hungry investors. The focus is now on Powell's appearance in the House on Wednesday for part two of his semiannual policy update. Investors will be on the alert for clues as to whether bets that two rate reductions will come this year are well-placed. But a key test for stocks and rate-cut prospects still lies ahead in the crucial consumer inflation report due Thursday.

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