GLOBAL MARKETS-Stocks rebound, yields fall as Fed's Powell soothes market

The Dow Jones Industrial Average rose 0.13% to end at 34,933.43 points, while the S&P 500 gained 0.12% to 4,374.38. The Nasdaq Composite dropped 0.22% to 14,644.95.

NEW YORK/LONDON: Global stocks prices closed flat and bond yields edged lower on Wednesday after U.S. Federal Reserve Chair Jerome Powell soothed investor angst by saying a recent inflation spike will fade, helping lift the S&P 500 to a fresh intraday record.

Powell said in congressional testimony that high inflation was for goods and services tied to the reopening and the U.S. economy was "still a ways off" from levels the Fed wanted to see before tapering its stimulus support.