US shares end higher, Treasury yields dip as Powell gives rate cut assurances

A street sign for Wall Street hangs in front of the New York Stock Exchange

NEW YORK: Wall Street followed world shares to a higher close on Wednesday and the benchmark U.S. Treasury yield dipped to a one-month low after Federal Reserve Chair Jerome Powell reassured investors that while inflation is not quite tamed rate cuts can be expected this year.

All three major U.S. stock indexes closed well below session highs, marking a partial rebound from Tuesday's steep sell-off. The tech-heavy Nasdaq enjoyed the most robust gain.