04:05 PM EST, 03/07/2024 (MT Newswires) -- US equity markets ended higher Thursday as traders digested Federal Reserve Chair Jerome Powell's remarks on interest rates before the Senate Banking Committee on the second day of his semi-annual testimony.

* Powell reiterated to the Senate that the Federal Open Market Committee is expected to lower interest rates this year assuming the economy evolves as expected, again saying that the process would be done "carefully."

* US initial jobless claims were unchanged at a 217,000 level in the week ended March 2, the US Labor Department said, compared with expectations for a 216,000 level in a survey of analysts compiled by Bloomberg.

* The goods and services deficit widened 5.1% month over month to $67.43 billion in January, the Census Bureau and the Bureau of Economic Analysis reported. The consensus was for a deficit of $63.5 billion, according to a Bloomberg survey.

* April West Texas Intermediate crude oil closed down $0.24 to $78.89 per barrel, while May Brent crude, the global benchmark, was last seen down $0.13 to $82.83.

* Kroger ( KR ) shares were up almost 10% after the company reported higher adjusted earnings and sales in fiscal Q4.