Nasdaq boosts gains, closes at new record

US stock indices closed higher on Tuesday, following the Federal Reserve Chairman' statements on the US monetary policy.

Federal Reserve Chief Jerome Powell hinted in his testimony before the US Congress today that the Fed will adopt a patient approach and stick to its monetary policy for a while before raising interest rates.

Powell also stated that the Fed has to wait taking any step in response to the recent positive economic data.

He added that the rise in inflation is due to the increase in the prices of used cars, airplane tickets, and hotel rooms, and will likely prove temporary.

The Federal Reserve decided last week to hold the interest rate near zero, and forecast 2 interest rate hikes in 2023, and raised its forecast for US GDP growth this year to 7%.

To the oil market, WTI crude July futures fell 0.8% or 60 cents, and closed at $73.06 a barrel, after hitting a high of $73.9 and a low of $72.9.

Brent August futures fell 0.1% or 9 cents, and closed at $74.81 a barrel, after hitting a high of $75.3 and a low of $74.3.

As for stocks, Dow Jones rose 0.2% or 68 points, and closed at 33,945, with a day high of 34,040, and a low of 33,751.

Nasdaq rose 0.8% or 111 points to 14,253, with a high of 14,269 and a low of 14,121.

S&P 500 rose 0.5% or 21 points to 4,246, after hitting a high of 4,255 and a low of 4,217.