Stock market today: Stocks cling to gains as Powell says rate cuts likely at 'some point' this year

- US stocks were higher on Wednesday as Federal Reserve Chair Jerome Powell announced the Fed will likely cut interest rates this year - The S&P 500 (GSPC) rose by about 0.3%, the Dow Jones Industrial Average (DJI) by about 0.1%, and the Nasdaq Composite (IXIC) by more than 0.4% - Powell stated inflation is on a "bumpy" path down to 2%, but that rate cuts are expected this year - Source: Yahoo Finance article on stock market trends.