Dow sets record-high close; Fed signals gradual rate hikes | Wall Street

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The Dow rose to a record high close while US stocks kept their upward momentum Wednesday following Federal Reserve Chair Janet Yellen's congressional testimony to gradually raise interest rates.

Yellen's speech was a nod to Wall Street as the Fed signaled it will gradually tighten policy and gradually unwind its massive balance sheet. A neutral interest rate level refers to one that neither encourages nor discourages economic activity.

Investors cheered Yellen's dovish tone, alleviating some concerns over the recent dip in inflation.

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