12:36 PM EST, 03/06/2024 (MT Newswires) -- US benchmark stock indexes rose after midday Wednesday as Federal Reserve Chair Jerome Powell's remarks to Congress suggested the central bank is not in a hurry to cut interest rates even though a reduction is on the cards for this year.

The S&P 500 climbed 0.9% to 5,126.3, with the Nasdaq Composite up 1.1% to 16,118.7 and the Dow Jones Industrial Average trading 0.6% higher at 38,805.7. All the sectors rose intraday, with technology and healthcare among the top gainers.

Appearing before the House Financial Services Committee, Powell delivered a semi-annual report on monetary policy on Wednesday, with investors looking for any signals from the Federal Reserve on the timing and extent of interest-rate cuts this year. He will testify before a Senate panel on Thursday.

"Policy rate is likely at its peak for this tightening cycle," Powell said in prepared remarks, referring to the fed funds rate paused in the 5.25% to 5.5% range.

"The economic outlook is uncertain, and ongoing progress toward our 2% inflation objective is not assured," Powell said, reminding investors the battle against inflation has not been won.

He cited risks to both cutting rates too early and too fast as well as too late or too little. "It will likely be appropriate to begin dialing back policy restraint at some point this year," Powell said.

In economic news, US job openings fell to 8.863 million in January, the Bureau of Labor Statistics reported Wednesday, slightly above the 8.85 million expected in a survey compiled by Bloomberg, but below the 8.889 million reported in December.

The US 10-year Treasury yield decreased 4.1 basis points to 4.1%, and the two-year slipped 2.5 basis points to 4.53%.

Gold for April delivery on the Comex rose 0.7% to $2,157.11 per troy ounce intraday, scaling new all-time highs this week.

West Texas Intermediate crude oil jumped 2.4% to $80.02 per barrel intraday.

In company news, CrowdStrike ( CRWD ) shares increased more than 12% intraday, the top performer on the Nasdaq, after the company reported Q4 earnings more than doubled from a year ago and soaring revenue was ahead of consensus.