Stocks Opened Higher ahead of Powell Testimony

U.S. stocks opened higher on Tuesday, ahead of congressional testimony from Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average lately gained 53.15 points, or 0.18%, to 29,329.97. The S&P 500 added 9.58 points, or 0.29%, to 3,361.67. The Nasdaq Composite advanced 20.91 points, or 0.22%, to 9,649.30.

Oil futures bounced higher Tuesday, with analysts tying support to a slowdown in the number of new coronavirus cases in China. West Texas Intermediate crude for March delivery rose 77 cents, or 1.6%, to $50.34 a barrel, while April Brent crude was up $1.03, or 1.9%, to $54.30 a barrel.

Powell will deliver remarks before the House Financial Services Committee Tuesday morning, followed by an appearance Wednesday before the Senate Banking Committee. In testimony released ahead of the hearing,the Fed chairman said the central bank is monitoring the coronavirus impact on global economic growth, but added that the U.S. economy appeared resilient to overseas headwinds.