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Wall St rises after Fed Chair Powell’s remarks


Wall St rises after Fed Chair Powell’s remarks By Reuters

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Published Mar 06, 2024 05:28AM ET
Updated Mar 06, 2024 09:41AM ET

© Reuters. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 5, 2024. REUTERS/Brendan McDermid/FILE PHOTO

(Reuters) – 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%, at the open to 38,721.15. The S&P 500 opened higher by 29.38 points, or 0.58%, at 5,108.03, while the Nasdaq Composite gained 152.41 points, or 0.96%, to 16,092.00 at the opening bell.

Wall St rises after Fed Chair Powell’s remarks

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