US: Wall St rises after Fed Chair Powell’s remarks

WALL Street’s main indexes opened higher on Wednesday after Federal Reserve chair Jerome Powell in prepared remarks ahead of his congressional testimony said the central bank expects to reduce its benchmark interest rate later this year.

The Dow Jones Industrial Average rose 135.96 points, or 0.35 per cent, at the open to 38,721.15.

The S&P 500 opened higher by 29.38 points, or 0.58 per cent, at 5,108.03, while the Nasdaq Composite gained 152.41 points, or 0.96 per cent, to 16,092.00 at the opening bell. REUTERS