NEW YORK: Wall Street stocks rose early today as Federal Reserve Chair Janet Yellen pledged a “gradual” approach to additional interest rate increases.
Yellen, in prepared testimony ahead of a congressional hearing, said she would “carefully monitor” US economic conditions as the labour market tightens but that inflation lags Fed targets.
Petroleum-linked shares jumped on higher oil prices, with Dow member Chevron up 1.1 per cent, Halliburton 1.6 per cent and Schlumberger 0.9 per cent.
About 15 minutes into trading, the Dow Jones Industrial Average was at 21,539.54, up 0.6 per cent.
The broad-based S&P 500 advanced 0.7 per cent to 2,442.00, while the tech-rich Nasdaq Composite Index jumped 0.9 per cent to 6,246.44.
Amazon gained 0.8 per cent as it hailed a successful Amazon Prime shopping day, saying it attracted more new members on July 11 to the subscription service than on any previous day.