Wall Street closes at unprecedented records after Powell's statements

US stocks surged on Wednesday, jumping to unprecedented record highs, lifted by a surge in the energy and technology sectors, in addition to Federal Reserve Chairman Jerome Powell's remarks, while investors focused on corporate business reports.

Fed Chair, Jerome Powell, said before the US Senate Banking Services Committee that the Fed might use more quantitative easing, adding that the fiscal policy is as important as monetary policy in combating any upcoming recession, and the interest rates should be kept near low levels.

To the oil market, WTI crude gained 2.5% to close at $51.17 a barrel, after it hit a day high of $51.7 and a low of $49.9.

Brent rose by 3.3% to $55.79 a barrel, with a high of $56.2 and a low of $54.3.

As for stocks, Dow Jones rose 0.9% or 275 points to settle at 29,551, and hit an intraday high 29,568 and a low 29,406.

Nasdaq added 0.95% or 87 points to 9,726 points, with a high of 9,728 and a low of 9,666 points.

S&P 500 rose 0.6% or 21 points to close at 3,379 with a high of 3,3381 and a low of 3,369.