"The lion's share of the numbers have come in already and we have had enough reports to suggest that this was a solid earnings season", Frederick said.
On Tuesday, the Dow and the Nasdaq composite both rose 0.1% to record highs.
Volume on the New York Stock Exchange totaled 3.4 billion shares with 1,383 issues advancing, 184 hitting new highs, and 1,589 issues declining, 26 setting new lows.
The records also followed a strong USA employment report released last Friday and a large number of third-quarter earnings reports in recent weeks that bested analyst expectations.
Recent optimism about a trade agreement between the two largest economies in the world, together with better-than-expected corporate earnings and a strong labor market, has eased fears of a slowdown in domestic growth.
The government also said last week that the nation's gross domestic product, the broadest gauge of economic growth, expanded at a 1.9% annual rate in the July-September quarter.
While still in expansionary territory, Non-Manufacturing PMI missed economist estimates by a wide margin last month, printing a 52.6 versus an expectation of 55.1.
"With inflation and inflation expectations remaining subdued, the Fed has scope to offer more support to the economy", Knightley wrote.Trade war doves might be pleased to hear that the Trump administration is considering the request and may roll back tariffs on $112 billion worth of China-produced consumer goods, which have been subject to a 15% levy since September 1. Donald Straszheim, Evercore ISI head of China research, said Wednesday Xi is not coming to the U.S.as "mistrust dominates".
Another source of uncertainty has been the prospect of a disorderly exit by the United Kingdom from the European Union. Shares also rose in Taiwan and Southeast Asia.More news: Trump's staff spoke of imposing a delay on his tweets, report says
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The benchmark for global oil prices, Brent crude, rose 1% to $62.76 a barrel.
BANKING ON PROFITS: The widening gap in yields helps banks, which make money by borrowing money at short-term rates and lending it out at longer-term rates while pocketing the difference.
Benchmark 10-year US Treasury notes fell 21/32 in price to yield 1.8619%.
And while Powell hinted that the Fed will likely stop cutting rates, he also made clear that rate hikes aren't likely in the foreseeable future. The S&P 500 .SPX lost 3.65 points, or 0.12%, to 3,074.62 and the Nasdaq Composite .IXIC added 1.48 points, or 0.02%, to 8,434.68.
Dow member Boeing rose 2 per cent after Chairman David Calhoun gave a forceful vote of confidence in chief executive officer Dennis Muilenburg and said the 737 Max was on track to receive regulatory approval this year to return to service after two deadly crashes.
Wholesale gasoline was unchanged at $1.66 a gallon.
Banks also increased significantly, with Bank of America and Citigroup both rising by almost 2 percent.
A 5 percent jump for General Electric and a 2.5 percent rise for 3M, meanwhile, helped drive industrial stocks in the S&P 500 to a 1 percent rise.
Gold fell $27.20 to $1,480.80 per ounce, silver fell 49 cents to $17.52 per ounce and copper fell 3 cents to $2.70 per pound. The Japanese yen weakened 0.50% versus the greenback at 109.14 per dollar. The euro was little-changed at $1.1078.