U.S. stocks opened higher on Wednesday, set to benefit for a second session from a cautious stance on interest-rate hikes expressed by Federal Reserve Chairwoman Janet Yellen. A private-sector jobs report on Wednesday showed a modest deceleration from the prior month but remained roughly in line with expectations.
The S&P 500 opened 7 points, or 0.3%, higher at 2,062. The Dow Jones Industrial Average gained 65 points, or 0.4%, to 17,694. Meanwhile, the Nasdaq Composite began the day up 28 points, or 0.6%, at 4,875.
Source : Marketwatch
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U.S. stocks were poised for a third session of gains on Wednesday as dovish comments from Federal Reserve Chairwoman Janet Yellen, on top of stronger oil, lifted the main indexes.
Speaking at the Economic Club of New York, Yellen stressed a need for a cautious stance on interest-rate increases. The remarks follow a shift in the Fed’s outlook since late last year, as the central bank cut its forecast of rate hikes to two from a prior projection of four.
The S&P 500 added 10 points, or 0.5%, to 2,065, with nine of its 10 main sectors trading higher. Financial stocks led the gains, while utilities was the sole laggard.
The Dow Jones Industrial Average rose 98 points, or 0.6%, to 17,731 with J.P. Morgan Chase & Co. leading the winners.
The Nasdaq Composite climbed 24 points, or 0.5%, to 4,871.
In economic news, the private sector added 200,000 jobs in March, according to ADP, a modest deceleration from the prior month’s revised 205,000 and roughly in line with expectations.