US stocks ended higher yesterday, with the S&P 500 and Dow Jones Industrial Average hitting their record closing highs. The indices recovered from a brief setback after US Federal Reserve Chair Jerome Powell indicated that the central bank was not in a hurry to implement further interest rate cuts.

The S&P 500 increased 0.4 percent, the Nasdaq Composite advanced 0.3 percent and the Dow Jones Industrial Average was marginally up by 0.04 percent.