U.S. stock benchmarks on Wednesday opened higher and on pace to bounce back from a Federal Reserve-fueled selloff after Tuesday's congressional testimony unsettled Wall Street.
The Dow Jones Industrial Average rose 100 points, or 0.4%, to 25,515, the S&P 500 index added 12 points, or 0.4%, at 2,756. The Nasdaq Composite Index advanced 39 points, or 0.5%, at 7,367. On Tuesday, the main U.S.benchmarks registered their worst one-day drop since they officially slipped into correction territory--defined as a drop from a recent peak of at least 10%--on Feb. 8. Much of Tuesday's decline was attributed to a reading of comments on from Fed Chairman Jerome Powell, who signaled that the economy was strengthening at a rate sufficient to warrant further rate increases in 2018.
On Wednesday, a reading of gross domestic product, a broad measure of the goods and services produced across the U.S., rose at a 2.5% seasonally and inflation-adjusted annual rate in the fourth quarter, the Commerce Department. In corporate news, investors were watching shares of Dick's Sporting Goods Inc. after its CEO said it would stop selling assault weapons, while shares of Booking Holdings Inc. rallied after the company formerly known as Priceline Group Inc. late Tuesday reported earnings and sales above forecasts.
Source : Marketwatch