NYSE Closes Higher with the Dow Seeing a Record Close

The New York Stock Exchange (NYSE) closed higher on Wednesday, supported by the approval of the  Johnson & Johnson’s vaccine for emergency use in the United States.

In addition, the market was supported by the remarks of the United States Federal Reserve Jerome Powell in his testimony to the House of Representatives, as he stressed confidence in achieving economic recovery, as well as employment and inflation targets.

Powell also played down the risk of a sudden surge in inflation and said that it would take some time for the economy to see substantial progress.

The Dow Jones Industrial Average rose by 424.51 points, or 1.35%, to close at 31,961.86 points, a new all-time high for the index that exceeded 32,000 points earlier in the session.

This is the 10th record close for the index in 2021.

The S&P 500 index climbed gained 44.06 points, or 1.14%, and finished at 3,925.43 points.

Meanwhile, the Nasdaq Composite Index gained 132.77 points, or 0.99%, and ended the session at 13,597.97 points.