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U.S. stocks open higher ahead of Fed report

Xinhua,February 23, 2018 Adjust font size:

NEW YORK, Feb. 23 (Xinhua) -- U.S. stocks opened higher on Friday, as investors awaited the central bank's monetary policy report.

Shortly after the opening bell, the Dow Jones Industrial Average gained 141.45 points, or 0.57 percent, to 25,103.93. The S&P 500 increased 15.56 points, or 0.58 percent, to 2,719.52. The Nasdaq Composite Index was up 51.42 points, or 0.71 percent, to 7,261.51.

The Federal Reserve is scheduled to release its monetary policy report later in the day. The report will serve as a blueprint for the new Chair Jerome Powell's testimony next week. Investors will look for clues for the Fed's future interest rate hikes.

The market has been closely following any update coming out from the Fed.

On Wednesday, the U.S. central bank released the minutes from its January meeting. According to the minutes, the Fed officials see increased economic growth and an uptick in inflation as justification to continue to raise interest rates gradually.

After the news came out, the U.S. 10-year Treasury yield spiked to as high as 2.956 percent. Major stock indices rose sharply with the Dow jumping more than 300 points before paring gains completely. Enditem

 

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