US stocks recoup most losses as Dow Jones posts record close

Most US stocks turned higher on Wednesday, and recouped most of the earlier losses, as Dow Jones climbed to its all-time high.

The US Fed Chair Jerome Powell stressed in his congressional hearing that the current economic growth is moderate and the labor market is strong, adding that the Fed will hold rate cuts after cutting them for three times to assess their implications on the US economy.

Sources told the Wall Street Journal that trade talks between the US and China hit a snag on China's pledge to increase U.S. farm purchases.

Dow Jones was buoyed by a jump of 7.3% in Walt Disney shares, after the company announcement of 10 million new subscribers to its service "Disney+" on the first day of its launch.

To the oil market, WTI rose by 0.6% to close at $57.12 a barrel, with a session-high of $57.4 and a low of $56.2.

Brent rose by 0.5% to $62.37 a barrel, with a high of $62.6 and a low of $61.2.

As for stocks, Dow Jones rose by 0.3% or 92 points and settled at 27,783, and hit an intraday high of 27,806 and a low of 27,587.

S&P 500 rose by 0.1% or 2 points to 3,094, with high of 3,098 and a low of 3,078.

While Nasdaq slipped less than 0.1% or 4 points to close at 8,482, with high of 8,496 and a low of 8,451.