U.S. stocks open higher on Veterans Day

U.S. stocks opened mildly higher Wednesday, the country's Veterans Day, as Wall Street continued to weigh the likelihood of an interest rate hike by the Federal Reserve in December.

Trading volumes are expected to be low as bond markets and banks are closed in observance of Veterans Day.

With no major economic data due out Wednesday, investors are still assessing the rising odds of a December rate hike following a strong jobs gain in October. Market sentiment has been dominated by the Fed after Fed Chair Janet Yellen's comments last week.

Many analysts believed that the U.S. central bank will raise interest rates next month, as Yellen reiterated that the Fed may pull the trigger at its December policy meeting if the U.S. economy is performing well.

In corporate news, shares of Macy's slumped over 12 percent in early trading Wednesday after the release of the company's disappointing quarterly results. The U.S. retailer also cut its outlook for the full year.

Shortly after the opening bell, the Dow Jones Industrial Average rose 36.21 points, or 0.20 percent, to 17,794.42. The S&P 500 added 4.50 points, or 0.22 percent, to 2,086.22. The Nasdaq Composite Index gained 13.40 points, or 0.26 percent, to 5,096.65.

On Tuesday, U.S. stocks closed mixed after wavering in a tight range, as Wall Street digested U.S. import and export prices amid rate hike concerns. Endi