US stocks rise as investors eye oil at 7-year highs and await Powell testimony

• US stocks rose on Wednesday as investors assess developments in the war in Ukraine.
• Fed Chair Jerome Powell begins two days of testimony, during which he will indicate rate hikes are still on track for this month.

US stocks traded higher on Wednesday following the prior session's sell-off, while oil hovers above $110 amid the ongoing Ukraine war.

Federal Reserve Chair Jerome Powell will speak on Capitol Hill today. In his prepared remarks, he noted that rate hikes will still be coming despite the uncertain impact of Russia's invasion on the US economy.

"We will use our policy tools as appropriate to prevent higher inflation from becoming entrenched while promoting a sustainable expansion and a strong labor market," he said.

Additionally, Powell said the labor market is "extremely tight," and that inflation is well above the Fed's target of 2%.

Here's where US indexes stood as the market opened at 9 a.m. on Wednesday:

• S&P 500: 4,331.33, up 0.58%

• Dow Jones Industrial Average: 33,515.39, up 0.66% (220.44 points)
• Nasdaq Composite: 13,598.01, up 0.53%

As economic sanctions choke Russia's economy, the Russian central bank kept its stock market shuttered for the third day, and Russia's largest bank plunged 95% to trade at a penny. Major fund managers have frozen at least $3 billion in assets exposed to Russia, according to reports.

The ruble is now worth less than one cent.

Yesterday, in his State of the Union address, President Joe Biden called Russian President Vladimir Putin a dictator and said the US would close its airspace to Russian aircraft. He also said inflation is "robbing" Americans of wage gains, and vowed to get prices under control.

Meanwhile, Guggenheim's Scott Minerd warned Russia could use cyberattacks in retaliation against the West's sanctions, which could be targeted at financial markets.

Oil prices hover near seven-year highs as global markets watch for developments in the Russia-Ukraine crisis. West Texas Intermediate crude is up more than 7% to $111.12 a barrel. Brent crude, the international benchmark, is up about 4.1% to $111.97 a barrel.

Gold slipped by 0.463% to 1,934.7 per ounce. The 10-year yield was up 0.073% to 1.786.

Bitcoin dropped 2.24% to $43,654.90