US: Wall Street opens higher after Powell's remarks boost rate cut hopes

[NEW YORK] US stocks opened higher on Wednesday as hopes of an interest rate cut later this month were boosted by Federal Reserve Chairman Jerome Powell's comment that the central bank would "act as appropriate" to sustain record US growth.

The Dow Jones Industrial Average rose 68.47 points, or 0.26 per cent, at the open to 26,851.96.

The S&P 500 opened higher by 9.67 points, or 0.32 per cent, at 2,989.30. The Nasdaq Composite gained 41.47 points, or 0.51 per cent, to 8,183.20 at the opening bell. 

REUTERS