Powell appeared to rule out the possibility of the Fed hiking rates, helping the bulls feel comfortable pushing the S&P 500 and the Nasdaq near their 21-day moving averages.

While the current resilience of the harder economic data is notable, prolonged deterioration in survey-based data often precedes weakness in "hard" data over time, suggesting that caution may be warranted despite the current resilience.

Bitcoin, the largest cryptocurrency in the market, has experienced a notable resurgence in its bullish momentum, with the Bitcoin price reclaiming the crucial $61,000 threshold.