U.S. stocks open slightly higher following prior session's sell-off

  • World
  • Wednesday, 23 Sep 2020

NEW YORK, Sept. 22 (Xinhua) -- U.S. stocks opened slightly higher on Tuesday as Wall Street was attempting to rebound from previous session's market sell-off.

Shortly after the opening bell, the Dow Jones Industrial Average rose 28.55 points, or 0.11 percent, to 27,176.25. The S&P 500 climbed 14.65 points, or 0.45 percent, to 3,295.71. The Nasdaq Composite Index advanced 83.80 points, or 0.78 percent, to 10,862.60.

Ten of the 11 primary S&P 500 sectors traded higher, with energy up 1.5 percent in morning trading, outpacing the rest. Health care, however, struggled.

The moves followed another turbulent session on Wall Street that saw the Dow close down more than 500 points as heavy selling continued on Monday after the major indexes posted their third straight weekly loss.

Investors also paid close attention to remarks by Federal Reserve Chairman Jerome Powell.

"We remain committed to using our tools to do what we can, for as long as it takes, to ensure that the recovery will be as strong as possible, and to limit lasting damage to the economy," Powell said in the text of testimony he's scheduled to deliver before the House Financial Services Committee on Tuesday.

Last week, the U.S. central bank held its benchmark interest rate steady at the record-low level of near zero and promised to maintain this target range until labor market conditions have improved to reach maximum employment and inflation has picked up to its desirable level.

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