U.S. stocks traded higher on Wednesday ahead of Federal Reserve Chairman Jerome Powell’s appearance on Capitol Hill.

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Stocks jumped after Powell signaled a rate cut is possible, noting “crosscurrents have reemerged, creating greater uncertainty” in the U.S. economy.

The Dow, S&P 500 and Nasdaq all hit new intraday highs. The S&P crossed the 3,000 theshold for the first time.

The Nasdaq Composite needs to finish up more than 28.50 points for a record close.

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