Buoying the Dow was a 2.88% rise in shares of Johnson & Johnson.
With the stimulative effects of the Fed's rate cuts so far this year still working their way through the economy, only "a material reassessment of our outlook" could drive the central bank to cut rates further from here, Powell said.
The Fed's move reduces the short-term rate it controls - which influences many consumer and business loan rates - to a range between 1.5% and 1.75%.
The rate cut was widely anticipated by financial markets, but expectations for additional cuts after October have diminished significantly in recent weeks. In recent months, he stepped up his pressure on the policymakers after the central banks around the world started to adopt deeper negative interest-rate policies.
Some global tensions have eased since the Fed's last meeting in mid-September, which suggests further rate cuts are less necessary. "The more important outcome is they removed the phrase 'act as appropriate.' It looks like the market is taking that to mean that there will be a pause in the declining rate path they were on beforehand".
In an interview, Beth Ann Bovino, the chief US economist at Standard & Poor's said that the United States can hold onto higher interest rates relative to its peers.
"We think any attempt by Chair Powell today to persuade his colleagues to signal an intention to keep cutting rates would be met with real resistance, and we doubt that Mr. Powell feels the need to pick that fight at this point", said Ian Shepherdson, the chief economist at Pantheon Macroeconomics.
However, profit growth forecasts for the next four quarters have been revised lower, even as expectations for the decline in third quarter earnings has shrunk to 1.6%, compared with a 2.2% fall at the start of the month. The better-than-expected print was driven by continued consumer spending along with government expenditures.
Businesses have reduced their spending on industrial machinery and other equipment, mostly because the US-China trade war has made them reluctant to commit to big purchases.
USA private payrolls increased by 125,000 in October, according to ADP and Moody's Analytics. However, September payrolls were trimmed down by 42,000 to 93,000. GE also raised its forecast for 2019 cash flow, sending its stock up 11.5%.
Investors also dealt with the latest round of corporate earnings.
About 74.1% of the 278 S&P 500 companies that have reported so far have beaten profit estimates, according to Refinitiv data.
Wednesday's moves came after the S&P 500 touched an all-time high in the previous session. The tit-for-tat tariffs between the USA and China, the arena's two largest economies, like additionally reduced US exports.
The Federal Reserve eased rates by 25bps as expected this morning.