Dow Gains; S&P 500, Nasdaq Off During Volatile Session

The Dow rose to finish in positive territory Wednesday, while the S&P 500 and Nasdaq fell slightly during a highly volatile session.

The blue-chip Dow added 82 points, or 0.27%, to close at 31,029 after it fell below the 31,000 mark but managed to climb to as high as 31,153.

The S&P 500, on the other hand, fell 2 points, or 0.07%, to end at 3,818 despite hitting 3,836 points earlier.

The Nasdaq was down 3 points, or 0.03%, to 11,177. The tech-heavy index saw a daily high of 11,226.

Federal Reserve Chair Jerome Powell said earlier that slower economic growth is a possible and likely outcome in dealing with high inflation.

He reiterated that the US economy is in a strong shape to deal with higher interest rates and the aim of rate hikes is to allow the supply side to catch up with high demand.

"We hope that (economic) growth still remains positive," he said at the European Central Bank Forum on Central Banking 2022 held in Portugal. "Overall, the US economy is well-positioned to withstand monetary policy."

The US' economic contraction has been revised to 1.6% for the first quarter, according to the Commerce Department's third and final reading Wednesday. The second reading stood at a 1.5% contraction, while the first was minus 1.4%.

The VIX volatility index, also known as the fear index, was down 0.7% to 28.16 despite soaring to 29.36 during the session.

The dollar index rose 0.6% to 105.12, but the 10-year US Treasury yield fell 3.4% to 3.099%.

Precious metals slipped with gold losing 0.07% to $1,818 and silver falling 0.5% to $20.76.

Crude prices reversed course and fell into negative territory.

Global oil benchmark Brent crude was trading at $112.05 for a 1.5% loss, while US benchmark West Texas Intermediate (WTI) was at $109.50 -- down 2%. -