The Dow finished more than 260 points higher after it pared 250 points losses during the session. Meanwhile, the S&P 500 and Nasdaq 100 gained 0.6% and 0.9%, respectively, as investors digest Fed Chair Jerome Powell's remarks at the Economic Club of Washington. The head of the US central bank reiterated that the disinflationary process has begun, particularly in the goods sector, while saying that the Fed has the tools to bring down inflation to its 2% target. At the same time, when asked about the strong January jobs report, Powell's comments did not suggest that it would change the central bank's approach to future rate increases. However, he warned that if robust labor data persists, the terminal level of the Fed funds may be higher. On the corporate side, Chegg plunged 17.1% after the education technology company offered disappointing guidance. Hertz and DuPont rose almost 7.5% and 7.4%, respectively, on the back of earnings that topped expectations.