Nasdaq erases losses and closes higher ahead of Powell's testimony

Most of the US stocks erased their losses in the earlier sessions, while Dow Jones only trimmed its losses as market focus shifted to Federal Reserve Chairman Jerome Powell's testimony before the US Congress on Wednesday and Thursday.

Powell will give his semiannual testimony before the House of Representatives Financial Services Committee on Wednesday, while making further statements to the Senate on Thursday.

Moreover, the minutes of the Federal Reserve meeting will be released on Wednesday, which will reveal the FOMC's discussions about the monetary policy.

The markets are waiting for any signs in Powell's remarks about the course of the Fed's monetary policy and the performance of the US economy in the coming period.

In the crude market, West Texas rose by 0.3% to close at $57.8 per barrel, with a high of $59.1 and a low of $57.2.

Brent rose 0.1% to $64.16 per barrel, with the highest at $64.7 and the lowest at $63.7.

At the close of the session, Dow Jones fell less than 0.1% (equivalent to 22 points) to 26,783 points, reaching a high of 26,807 points and a low of 26,665 points.

Nasdaq rose 0.5% (43 points) to 8,141 points, and recorded a high of 8,146 points and a low of 8,061 points.

Standard & Poor's rose 0.1% (3 points) and closed at 2,979 points, reaching a high of 2,981 points and a low of 2,963 points.