U.S. stocks open marginally higher after Powell-induced pullback

U.S. stocks opened marginally higher on Wednesday, easing some of their declines from Tuesday’s pullback, which marked the third-worst session of the year and the biggest drop in two weeks, according to FactSet data. The S&P 500 SPX, -0.03% rose 5 points, or 0.1%, to 3,991 at the open. The Nasdaq Composite COMP, +0.02% rose 29 points, or 0.

3%, to 11,559. The Dow Jones Industrial Average DJIA, +0.00% gained 20 points, or 0.1%, to 32,876. U.S. stocks slumped on Tuesday, with the Dow falling nearly 600 points, after Fed Chairman Jerome Powell told members of the Senate Banking Committee that interest rates would likely need to rise higher than previously anticipated during testimony on Capitol Hill.

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