Markets were encouraged by Powell's comments on the economy. The Dow closed about 45,000 for first time ever, while the S&P 500 and Nasdaq also hit records.

Stocks hit all-time highs as Federal Reserve Chair Jerome Powell said the economy is in remarkably good shape. The euro pared gains as the French government fell after a no-confidence vote in Parliament.

U.S. stocks remained higher in Wednesday's final hour of trading as investors looked past weaker-than-expected data from the Institute for Supply Management and Federal Reserve Chairman Jerome Powell's remarks about taking a more cautious approach to lowering rates.