Stocks ended mixed on Tuesday, with the S&P 500 and Dow Jones reversing earlier losses and ending in positive territory after Federal Reserve Chair Jerome Powell relieved some market fears about rising interest rates and inflation amid the central bank's loose monetary policy. The Nasdaq, however, continued its multi-session decline as investors rotated away from tech names.

Powell delivered his semiannual monetary policy testimony before the Senate Banking Committee, reaffirmed that the Fed is planning to maintain its current loose policy as long as the economy needs the extra support, keeping benchmark rates near zero and asset purchases at $120 billion per month.

"The economy is a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved," Powell stated in prepared remarks. "We will continue to clearly communicate our assessment of progress towards our goals well in advance of any change in the pace of purchases."

Meanwhile, consumer confidence improved at a greater-than-expected pace in February, according to the Conference Board's monthly index. Headline consumer confidence index increased to 91.3, up from a downwardly revised 88.9 in January.

Here's how the market closed on Tuesday:

S&P 500 Index (SPY  ): +0.12% or +4.80 points to 3,881.30

Dow Jones Industrial Average (DIA  ): +0.05% or +14.87 points to 31,536.56

Nasdaq Composite Index (QQQ  ): -0.50% or -67.85 points to 13,465.20

For Stocks, AMC Entertainment (AMC  ) shares rose on Tuesday after New York Governor Andrew Cuomo announced that movie theaters in New York City will be able to open with limited capacity next month. Workhorse Group (WKHS  ) fell more than 47% on Tuesday after the company was not chosen for a key contract from the U.S. Postal Service.

For Sector Performance, sectors on the S&P 500 ended mostly in positive territory by the end of Tuesday's session, with only Consumer Staples (XLP  ), Health Care (XLV  ), Information Technology (XLK  ) and Consumer Discretionary (XLY  ) falling lower. The day's lead gainers were Energy (XLE  ) and Communication Services (XLC  ) rising over 1%.

For Commodities and Currency, the U.S. Dollar (UUP  ) rose slightly after Powell's speech on Tuesday after the Fed chair stated that the central bank's loose monetary policy won't lead to unchecked inflation. The dollar index, which tracks the greenback against other global currencies, increased 0.11% higher at 90.141. Gold (GLD  ) fell slightly lower on the rising dollar on Tuesday. Spot gold was down 0.3% at $1,803.62 per ounce, while U.S. gold futures settled 0.1% lower at $1,805.90 per ounce. Crude oil prices stayed relatively steady on Tuesday as global coronavirus restrictions eased but economic recovery concerns increased. International benchmark Brent Crude (BNO  ) rose 0.28% to $65.42 per barrel, while West Texas Intermediate (USO  ) slipped slightly lower at $61.67 each.

For Wednesday, market participants will continue to focus on the second and final day of Powell's testimony before Congress.