Market Snapshot: Dow, S&P 500 look to set new records after Powell boosts expectations for Fed rate cut

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Federal Reserve Chairman Jerome Powell

U.S. stocks advanced at the start of trade Thursday, attempting to build on gains that saw the Nasdaq Composite index end in record territory after Federal Reserve Chairman Jerome Powell reinforced expectations for an interest rate cut later this month.

Powell, who testified Wednesday before the House Financial Services Committee, will appear before the Senate Banking Committee on Thursday.

What are major benchmarks doing?

The Dow Jones Industrial Average DJIA, +0.50% rose 74 points, or 0.2%, to 26,927, while the S&P 500 index SPX, +0.25% was 5 points higher at 2,998, a gain of 0.2%.

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