U.S. stocks close mostly weaker in a busy day of congressional hearings

U.S. stocks closed mostly lower Wednesday in a day dominated by congressional hearings on trade and Federal Reserve policies but light on market-moving news. U.S. Trade Representative Robert Lighthizer spoke in front of the House Ways and Means Committee on U.S.-China trade negotiations while Federal Reserve Chairman Jerome Powell testified in front of the House and largely reiterated the central bank's wait-and-see approach to future interest rate increases.

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