U.S. stocks close higher on Powell's upbeat remarks

NEW YORK, May 14 (Xinhua) -- U.S. stocks ended higher on Tuesday, though Federal Reserve Chair Jerome Powell reiterated that inflation is falling more slowly than expected and will keep the central bank on hold for an extended period.

The Dow Jones Industrial Average rose 126.60 points, or 0.32 percent, to 39,558.11. The S&P 500 added 25.26 points, or 0.48 percent, to 5,246.68. The Nasdaq Composite Index increased by 122.94 points, or 0.75 percent, to 16,511.18, notching its seventh all-time closing high for the year.