Stocks rose on Tuesday, even as Federal Reserve Chair Jerome Powell delivered hawkish remarks on inflation at an event hosted by Sweden's central bank, as market participants added to Wall Street's recent rally. The Dow Jones Industrial Average rose over 185 points, while the S&P 500 and Nasdaq Composite climbed 0.7% and 1%, respectively.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): +0.70% or +27.16 points to 3,919.25

Dow Jones Industrial Average (DIA  ): +0.56% or +186.45 points to 33,704.10

Nasdaq Composite Index (QQQ  ): +1.01% or +106.98 points to 10,742.63

In remarks Tuesday, Powell stressed that the U.S. central bank will need to operate outside of political influence as it continues to combat persistently high inflation in the new year.

"Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy," Powell stated in prepared remarks.

"The absence of direct political control over our decisions allows us to take these necessary measures without considering short-term political factors," he added.

Adding to the hawkish noise, JPMorgan CEO Jamie Dimon told Fox Business on Tuesday that he believes the Fed may need to raise interest rates to 6% in order to stabilize prices -- which would be a jump from the central bank's last projection of raising rates to as high as 5.1%.

Elsewhere for stocks, Bed Bath & Beyond (BBBY  ) remained in the spotlight after the retailer reported earnings that missed estimates about a week after it warned it was considering bankruptcy. The stock, popular with meme stock traders, jumped nearly 28% on Tuesday after it rose 24% on Monday.

Coinbase (COIN  ) rose 13% after the cryptocurrency exchange announced it will cut about 1,000 jobs as part of its restructuring plan, marking the third round of layoffs since last year. The company expects to incur roughly $149 million to $163 million in expenses as part of the plan.

CureVac (CVAC  ) shares rose over 20% after the biopharmaceutical company announced that it plans to advance patient trials of its mRNA vaccines for both COVID-19 and the flu.

Looking ahead, all eyes will be on Thursday's Consumer Price Index (CPI) report for December, which will be the last significant economic reading the central bank will see before policymakers meet to deliver their next interest rate hike on February 1.