U.S. stocks open mostly higher after strong GDP data

NEW YORK, Nov. 29 (Xinhua) -- U.S. stocks opened mostly higher on Wednesday, as investors cheered on the country's strong economic growth.

U.S. real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the third quarter of 2017, according to the "second" estimate released Wednesday by the Department of Commerce.

The U.S. Senate Budget Committee on Tuesday approved the Republican tax bill to overhaul the U.S. tax code, sending it to the Senate floor for a vote later this week.

U.S. equities closed sharply higher on Tuesday, with all three major indices hitting record highs, boosted by hopes that the Congress would be able to pass the tax reform plan.

The Republican-led Senate panel approved the legislation with a vote of 12-11 along the party lines. The full Senate could vote on the tax bill as early as Thursday, according to local media.

Meanwhile, investors still digested Jerome Powell's confirmation hearing to become the next Federal Reserve chair.

Powell said on Tuesday that the current regulatory rules on financial institutions are tough enough and he supported easing regulatory burdens on some institutions.

"I think they're tough enough," said Powell in his confirmation hearing at the Senate Banking Committee when answering the question about whether any regulatory rules on financial institutions should be made tougher.

Shares of major banks continued to rally after Powell's remarks in early trading on Wednesday.

Shortly after the opening bell, the Dow Jones Industrial Average increased 90.56 points, or 0.38 percent, to 23,927.27. The S&P 500 rose 4.26 points, or 0.16 percent, to 2,631.30. The Nasdaq Composite Index was down 16.41 points, or 0.24 percent, to 6,895.95. Enditem