US markets surged on Thursday, reaching a new record high with the S&P 500, following closely watched testimony from Federal Reserve Chair Jerome Powell.

Amidst a second day of carefully watched testimony from Federal Reserve Chair Jerome Powell and ahead of Friday's release of the February employment data, US markets gained on Thursday, with the S&P 500 (^GSPC) reaching a new record high.

With the Nasdaq Composite (IXIC) rising as much as 1.5% and the S&P 500 adding slightly more than 1% to close at a record high of 5,157.34, technology once again seized the lead. The Dow Jones Industrial Average (DJI) gained about 0.3%.

The market evaluated Powell's grilling by lawmakers on the economy and monetary policy, which hasn't produced any negative news or shocks. Stocks have increased during the last two days. Even while he stated that rate reductions are probably coming this year, the Fed chairman held to his original line that the central bank is not in a rush to loosen policy.

The Federal Reserve Chair reaffirmed the central bank's plan to reduce interest rates on Thursday, this time in front of the Senate Banking Committee, as long as inflation readings remained low.

Regarding economic data, jobless claims for the week ending March 2 were announced on Thursday and remained at 217,000. Continuing claims were slightly over 1.9 million, up around 8,000 from the previous print. The important non-farm payroll report is supposed to be released on Friday morning.