Stocks rise, oil prices soar as investors eye Russia's war, Powell's testimony: March 3

Stocks rose on Wednesday to recover some steep losses from earlier this week, with jitters over Russia's war in Ukraine and its implications for the global economy weighing on risk assets. Investors also monitored fresh remarks from Federal Reserve Chair Jerome Powell, who said the central bank remained on track to raise interest rates later this month as the economy remained firm despite ongoing geopolitical tensions.