Major stock markets in the United States closed higher on Wednesday after member of the Federal Reserve Board of Governors Christopher Waller expressed his belief inflation country has reached its peak and that the country will be able to avoid recession. Earlier, Treasury Secretary Janet Yellen estimated the risk of recession is much higher in Europe and that the US's economy is still "very strong."

The Dow Jones Industrial Average traded 1.01% or 345 points higher at the close as The Boeing Company went up by 3.69%. The Nasdaq 100 rose by 1.99% or 277 points, with Splunk Inc. surging by 8.59%. The S&P 500 advanced by 1.12% as American Airlines Group skyrocketed by 10.62%.

The euro gained 0.51% to the dollar at 3:58 pm ET to sell for $1.08843.