US stocks ended higher on Wednesday, jumping to fresh highs as traders took in Federal Reserve Chair Jerome Powell's optimistic comments on the US economy.

The S&P 500, Nasdaq Composite, and the Dow Jones Industrial Average all closed at records, with the Dow topping 45,000 for the first time ever.

All eyes were on Powell in the afternoon, when the central bank chief spoke on the strength of the economy at The New York Times' DealBook Summit.

"Growth is definitely stronger than we thought, and inflation is coming a little higher," Powell said at the event. "The good news is that we can afford to be a little more cautious as we try to find neutral," he added, referring to the neutral interest rate, a hypothetical level where rates neither expand nor contract the economy.

Traders also took in weaker-than-expected private jobs data. Private payrolls rose just 146,000 in the last month, lower than the expected 163,000, according to ADP.

Bets that the Fed will cut rates another 25 basis points at their December policy meeting also surged, with investors now pricing in a 78% chance the central bank will issue another quarter-point cut. Odds for a further 25 basis point cut in January held steady at 18%.

Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday:

Here's what's happening:

In commodities, bonds, and crypto:

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