Nasdaq, Dow Jones and S&P 500 Close Higher Following Powell's Speech at Economic Club of Washington

U.S. stock market indexes closed higher on Tuesday, led by gains in technology stocks.

The Nasdaq Composite rose 1.9%, the Dow Jones Industrial Average gained 1.1%, and the S&P 500 increased 1.5%.

The rally came after Federal Reserve Chair Jerome Powell said in a speech that the central bank is "strongly committed" to bringing inflation down to its 2% target.

Powell also said that the Fed will "act decisively" to lower inflation, but he did not provide any specific guidance on the pace of future interest rate hikes.

Powell's comments were seen as less hawkish than some investors had feared, and they helped to boost sentiment in the stock market.

Technology stocks were among the biggest gainers on Tuesday, with the Nasdaq Composite rising nearly 2%.

Apple, Microsoft, and Amazon all closed higher, and Tesla rose more than 5%.

The gains in technology stocks helped to offset losses in other sectors, such as energy and materials.

The energy sector fell 1.3% as oil prices declined.

The materials sector also fell 1.3%, led by losses in mining and construction stocks.

Overall, the stock market's rally on Tuesday was a positive sign for investors.

Powell's comments helped to reassure investors that the Fed is committed to fighting inflation, and the gains in technology stocks helped to boost the overall market.