US stocks opened higher on Wednesday, with techs vaulting back from a steep sell-off as investors digested Federal Reserve Chair Jerome Powell’s stance that interest rate cuts are still likely this year.
The tech-heavy Nasdaq Composite (^IXIC) jumped about 1% after techs led a sharp slide in stocks more broadly on Tuesday. The S&P 500 (^GSPC) added more than 0.6%, while the Dow Jones Industrial Average (^DJI) popped 0.5%, as both indexes came off losses of more than 1%.
Powell’s testimony to…
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