At 4:00 p.m. ET (20:00 GMT), the Dow Jones Industrial Average rose 846 points or 1.9% to hit a fresh record close of 45,631.74. the S&P 500 index gained 1.6%, and the NASDAQ Composite climbed 2%.

U.S. stocks closed higher, with the Dow scoring a record high, after Fed Chair Powell suggested it was time to consider rate cuts again.

Investors have grown used to looking at the market through a single lens, usually the S&P 500 or the Nasdaq-100 index. But ...