Wall Street opens higher on Fed rate cut hopes

US stocks opened higher on Tuesday after a senior Federal Reserve official pointed the way to a cut in interest rates in response to slowing economic growth.

The Dow Jones Industrial Average rose 143.04 points, or 0.58%, at the open to 24,962.82. The S&P 500 opened higher by 18.19 points, or 0.66%, at 2,762.64. The Nasdaq Composite gained 80.92 points, or 1.10%, to 7,413.94 at the opening bell, a day after it confirmed correction territory.