05:08 PM EDT, 07/31/2024 (MT Newswires) -- US benchmark equity indexes closed higher Wednesday after Federal Reserve Chair Jerome Powell said monetary policy easing in September "could be on the table."

The Nasdaq Composite jumped 2.6% to 17,599.4, while the S&P 500 rose 1.6% to 5,522.3. The Dow Jones Industrial Average advanced 0.2% to 40,842.8. Among sectors, technology led the gainers, while health care saw the steepest decline.

For the month of July, the Dow gained 4.4%, while the S&P 500 rose 1.1%. The Nasdaq fell 0.8%.

The central bank's Federal Open Market Committee on Wednesday kept its benchmark lending rate unchanged at 5.25% to 5.50%, its eighth straight pause. The FOMC said inflation remains "somewhat elevated" despite having eased over the last year.

During his press conference, Powell responded to an overwhelming expectation of a rate reduction at committee's Sept. 17-18 meeting by leaving the door open to that outcome, but not promising it.

"If we were to see, for example, inflation moving down quickly or more or less in line with expectations, growth remains, let's say, reasonably strong. And the labor market remains, you know, consistent with its current condition, then I would think that a rate cut could be on the table at the September meeting," he said.

However, Powell repeated the FOMC remains data-dependent.

The US 10-year yield sank 10.2 basis points to 4.04%, while the two-year rate slumped 9.4 basis points to 4.26%.

In company news, Nvidia ( NVDA ) shares surged nearly 13%, the top gainer on the Nasdaq and among the best on the S&P 500. The company on Monday announced the launch of generative artificial intelligence models and NIM microservices to enhance the Universal Scene Description, or OpenUSD framework to expand its use in robotics, industrial design, and engineering.

Boeing ( BA ) named a new chief executive Wednesday as the aircraft manufacturer's loss in the second quarter grew more than expected. Its shares rose 2%, among the best performers on the Dow.

Humana (HUM) saw the steepest decline on the S&P 500, down 11%, after the health insurer warned of higher-than-expected inpatient hospital admissions even as its second-quarter financial results topped market estimates.

Marriott International ( MAR ) shares fell 4.8%, among the steepest declines on the S&P 500 and the Nasdaq. The hotel giant cut its guidance for full-year earnings and global revenue per available room after its second-quarter sales fell short of market expectations.

West Texas Intermediate crude oil jumped 5% to $78.48 a barrel Wednesday. Commercial crude stockpiles in the US fell more than forecast last week, Energy Information Administration data showed.

Oil prices gained following news that Hamas leader Ismail Haniyeh was killed in Iran. Iran accused Israel of assassinating Haniyeh while Iran's supreme leader, Ayatollah Ali Khamenei, vowed to retaliate, CNBC reported.

In economic news, pending home sales in the US climbed more than expected last month as demand grew in all four major regions and rising inventory gave buyers increased leverage, the National Association of Realtors said.

Employment growth in the US private sector decelerated in July, while annual pay gains for job stayers recorded the slowest pace in three years, Automatic Data Processing ( ADP ) reported.

The Bureau of Labor Statistics is expected to report Friday that the US economy added 175,000 nonfarm jobs this month, which would mark a decrease from the 206,000 gain posted for June.

Gold rose 1.7% to $2,492.90 per troy ounce, while silver gained 2.2% to $29.14 per ounce.