Meanwhile, oil surged nearly 7% and precious metals advanced, reflecting heightened geopolitical concerns and inflation uncertainty going into the Fed Chair's remarks. Prepared comments from Fed Chair:Discussion was collegialThe economy is showing impressive resilience even with the recent shocksthe committee remains resolute to deliver price stability. I think there was a miss impression that we were more tolerable of a somewhat higher inflation target. He sees the economy as being "solid", and with rate going higher in the market, it reflects the view. The Nasdaq and Nasdaq 100 climbed back into positive territory while losses in the Dow and S&P 500 narrowed considerably.