US stocks rise after Fed Chair Powell's remarks

Wall Street's main indices 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.

More to come....