The Dow Jones Industrial Average jumped 596.40 points, or 1.79 percent, to 33,891.35. The S&P 500 was up 80.28 points, or 1.86 percent, to 4,386.54. The Nasdaq Composite Index increased 219.56 points, or 1.62 percent, to 13,752.02.
All the 11 primary S&P 500 sectors ended in green, with financials and materials up 2.55 percent and 2.24 percent, respectively, leading the gains.
U.S.-listed Chinese companies traded mostly lower with eight of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.
The above moves came after Powell's comments on Fed tightening.
In his prepared remarks at a hearing before the House Financial Services Committee, Powell reaffirmed the central bank's plan to raise interest rates in the upcoming policy meeting, noting that he is inclined to support a 25-basis-point rate hike.
Investors also followed updates regarding the Russia-Ukraine conflict.
The Russian delegation has arrived at the site where the second round of talks between Russia and Ukraine are expected to take place, Russian presidential aide Vladimir Medinsky, head of the Russian delegation, said Wednesday.
The possibility of a ceasefire would be discussed during the talks, among other things, according to Medinsky.
U.S. equities have been very volatile these days amid the geopolitical risks over Ukraine. On Tuesday, Wall Street's major averages closed noticeably lower with the Dow plunging nearly 600 points.
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