U.S. equity markets staged a dramatic comeback Tuesday with the Dow Jones Industrial Average ending just shy of a record high after Federal Reserve Chairman Jerome Powell reassured investors the central bank would continue to support the economy and that inflation would remain in control.

The Dow Jones Industrial Average gained 13 points, or 0.04%, erasing an earlier decline of 363 points. The S&P 500 closed up 0.13% while the Nasdaq Composite lost 0.5% trimming steep losses.

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Powell told members of the Senate Banking Committee that the Fed would continue its asset purchases even as the economy improves. He also said that the recent rise in bond yields was a sign of investor optimism and not a result of inflation fears. Read more at FOX Business