The Labor Department reported Thursday that so-called core CPI - the consumer price index excluding the volatile food and energy components - jumped 0.3% last month, the largest increase since January 2018, after four straight monthly gains of 0.1%. S&P 500 e-minis were up 6.5 points, or 0.22% and Nasdaq 100 e-minis were up 19.75 points, or 0.25%.
USA stocks edged higher and the dollar fell as hopes rose for an imminent interest-rate cut, while oil futures were little changed as supply worries triggered by a tropical storm were offset by signs of a global surplus for several months.
"Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability", Powell told the committee, adding that he did not think the project could proceed unless those concerns were addressed. Powell also said uncertainties over the economic outlook linger.
"Its critical that the public understand that we're always going to do our work objectively", Powell said.
Federal Reserve Chair Jerome Powell strengthened the case for easier monetary policy, and the market responded.
In his two-day testimony before Congress, Powell said the US economy was still under threat from disappointing factory activity, tame inflation and a simmering trade war and that the Fed stood ready to "act as appropriate". "It's very important this expansion continue as long as possible", Powell said.
Powell said the central bank stands ready to "act as appropriate".
The Dow rose to a fresh all-time intraday high before pulling back slightly.
This time addressing members of the Senate Banking Committee, Powell repeated his litany that three main risks threaten what is now a record-long US economic expansion: trade uncertainty, slowing growth overseas and stubbornly low inflation.
USA crude rose 0.1% to $60.26 per barrel.
"It's safe to say that investors were pleased with Jerome Powell's first day of testimony on Wednesday, with equity markets jumping on his dovish assessment", said Oanda analyst Craig Erlam.
United States stocks surged to record highs after the chairman of the Federal Reserve gave his strongest hint yet that interest rates will be reduced.
But "one individual dataset will not sway or set" the Fed's decision on interest rates, said Michael Lorizio, senior fixed income trader at Manulife Investment Management. "There was little in the statement to imply what this means past the July meeting, but we can infer that any further softening in the data past July will likely mean more action from the Fed at subsequent meetings".