Stocks Opened Slightly Higher after Powell Remarks

U.S. stocks opened slightly higher on Tuesday after Federal Reserve Chairman Jerome Powell hinted the central bank would stick to its current path of gradual rate hikes as inflation remains below its 2-percent target. The Dow Jones Industrial Average lately advanced 15.29 points, or 0.06%, to 25,724.56. The S&P 500 was up 3.97 points, or 0.14%, to 2,783.57. The Nasdaq Composite added 1.85 points, or 0.02%, to 7,423.32.

Oil prices edged down Tuesday morning ahead of an expected build in U.S. crude stockpiles. West Texas Intermediate crude oil for April delivery slipped 16 cents, or 0.3%, to $63.75 a barrel. April Brent crude fell 8 cents, or 0.1%, to $67.42 a barrel.

Federal Reserve Chairman Jerome Powell, pledging to “strike a balance” between the risk of an overheating economy and the need to keep growth on track, told U.S. lawmakers on Tuesday that the central bank would stick with gradual interest rate increases despite the added stimulus of tax cuts and government spending.

The S&P CoreLogic Case-Shiller National Home Price Index rose 6.3% in December, up from 6.1% a month earlier. In December, the 20-City Composite posted a slight dip from November, with a 6.3% year over year increase, in line with analysts estimates of a 6.35% year-over-year increase.