U.S. stocks open higher as BOJ keeps policy steady

U.S. stocks opened higher Tuesday as the Bank of Japan (BOJ) left its monetary policy unchanged after the conclusion of its two-day policy meeting.

While maintaining its negative 0.1 percent interest rate on some bank reserves, the BOJ also opted to leave its 10-year Japanese government bond (JGB) yield target at about zero, while annual holdings were kept at a rise of about 80 trillion yen (682 billion U.S. dollars).

Following the policy meeting and opting to hold pat on any new policy changes, the central bank also upgraded its economic assessment saying a moderate recovery trend has continued while exports have picked up.

"Japan's economy has continued its moderate recovery trend. Overseas economies have continued to grow at a moderate pace, although emerging economies remain sluggish in part. In this situation, exports have picked up," the BOJ said in a statement on Tuesday.

With no major economic data due Tuesday, investors continued to digest Federal Reserve Chair Janet Yellen's remarks on labor market. Yellen said at a University of Baltimore commencement ceremony Monday that the U.S. has the strongest jobs market in nearly a decade, and there are indications wage growth is picking up.

Shortly after the opening bell, the Dow Jones Industrial Average rose 55.80 points, or 0.28 percent, to 19,938.86. The S&P 500 added 5.36 points, or 0.24 percent, to 2,267.89. The Nasdaq Composite Index increased 16.93 points, or 0.31 percent, to 5,474.37. Endi