The 30-stock average broke above 27,000 for the first time before trading just below that level. The Dow was up 138 points.

Meanwhile, the S&P 500 rose 0.25% to trade back above 3,000, while the Nasdaq Composite gained 0.2%.

In testimony to the House Financial Services Committee on Wednesday, Powell said business investments across the U.S. have slowed “notably” recently as uncertainties over the economic outlook linger. As a result, expectations of an upcoming rate cut grew.

Powell’s testimony pushed stocks to record highs on Wednesday. Gold also surged while short-term rates slipped.

The minutes from the central bank’s policy meeting last month reiterated Powell’s comments.

Market expectations for a rate cut in July are at 100%, according to the CME Group’s FedWatch tool. Powell testifies again on Thursday in front of U.S. Senate members.

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