Dow, S&P 500, Nasdaq all hit new intraday record highs following release of Fed Reserve chair's testimony

The Dow, S&P 500, and Nasdaq all shot to new record highs on Wednesday, following the release of prepared testimony from Federal Reserve Chairman Jerome Powell.

What are the details?

Powell spoke to the House Financial Services Committee on Wednesday but his prepared remarks were released before the opening bell, offering analysts signals that the central bank may cut interest rates.

According CNBC, Powell testified that “inflation has been running below the Federal Open Market Committee’s symmetric 2 percent objective, and crosscurrents, such as trade tensions and concerns about global growth, have been weighing on economic activity and the outlook.”

The Fed chair went on to reiterate that the central bank would “act as appropriate” to sustain economic expansion.

The Wall Street Journal reported that “the S&P 500 and the Nasdaq Composite touched all-time highs, with the S&P briefly eclipsing the 3000 level for the first time” in intraday trading before subsiding ahead of the close.

Minutes from the Federal Open Market Committee’s June meeting were also released Wednesday and revealed officials perceived economic risk as having “increased significantly” — strengthening the case for a rate cut, according to the Street.

At one point during the day, traders were pricing in a 100 percent probably of the Fed cutting rates, CNBC reported, citing the CME Group’s FedWatch tool.

Anything else?

President Trump has been highly critical of the Federal Reserve in recent weeks for raising rates too fast, tweeting that it “doesn’t know what it is doing.”

This report has been updated.

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