US stocks closed mixed on Thursday after the Chairman of the Federal Reserve (Fed) reiterated his hawkish stance to keep raising interest rates.
The S&P 500 and Nasdaq however closed positive, supported by strong gains in high-tech stocks including Amazon, Apple and Microsoft.
At the close of the New York session, the S&P 500 gained 0.37% to 4,381.90, while the Nasdaq rose 1.18% to 15,042.32 and the Dow Jones Industrial was slightly lower at 33,946.72.
The US30 index fell lower at 33,850 during the Asian trading session due to a stronger US dollar.
Powell, who testified before the Senate Banking Committee, continued to repeat his statement to continue raising interest rates to lower inflation to the central bank's 2% target.
On the economic front, jobless claims were unchanged at a 20-month high last week, suggesting that the Fed's efforts are starting to have an impact.
The release of US manufacturing and services PMI data tonight will be the next focus for investors.
Among the stocks that exhibited significant movements were Amazon which jumped 4.26%, Apple rose 1.65%, Tesla rose 1.98%, Microsoft added 0.99%.
Spirit AeroSystems fell 9.4% after the aircraft parts supplier said it would suspend production at its factory in Wichita, Kansas, after workers announced a strike starting June 24.
Boeing fell 3.1%, while Accenture shares listed in the U.S. fell 1.9% after the IT consulting firm forecast weaker-than-expected fourth-quarter results.
