Wall Street Closes Flat As Fed Chief Avoids Upsets

Powell avoided any major surprises in his first of two days of congressional testimony, telling the Senate Banking Committee that inflation would fall further below the Fed's 2 percent target in spite of solid growth and job gains and that the central bank would be "patient" before adjusting interest rates.

"The market heard what it wanted to hear," said Nate Thooft, a senior portfolio manager at Manulife Asset Management. "He remains dovish and data-dependent."

Consumer confidence rebounded strongly in February as shoppers put the Wall Street rout and extended government shutdown of recent months behind them, according the Conference Board survey.

After a nearly 20 percent jump in US stocks since late December, some analysts think the market will find it hard to rise much further absent a positive catalyst, such as a final trade deal between the US and China.

Negotiators from Beijing and Washington have reported progress on the talks, and the next round of tariffs has been delayed, but there is still no final deal. (AFP)