(CNBC) -- The S&P 500 closed slightly higher after Federal Reserve Chairman Jerome Powell said the central bank will maintain its easy monetary policies.
The broad index added 0.12% to reach 4,374.30 after hitting a new high earlier in the session. The Dow Jones Industrial Average added 44.44 points, or 0.13%, to close at 34,933.23. The Nasdaq Composite fell 0.22% to 14,644.95.
Powell said in his semiannual testimony before Congress Wednesday that the central bank can wait before it starts to ease its bond purchases despite surging inflation readings. The Fed chair said he still expects inflation to moderate.
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