US stocks open higher despite Fed chair's hawkish remarks

By Ovunc Kutlu

ANKARA (AA) - US stocks opened with gains Tuesday, despite hawkish remarks from Federal Reserve Chair Jerome Powell.

Powell said Monday that the central bank is committed to restoring price stability, even by raising interest rates more "aggressively."

"We will take the necessary steps to ensure a return to price stability. In particular, if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so," he said during a speech at the National Association for Business Economics’ annual conference in Washington, D.C.

The Dow Jones industrial average was up 271 points, or 0.78%, to 33,824 at 9.49 a.m. EDT (1349GMT). The S&P 500 rose 26 points, or 0.58%, to 4,487.

The Nasdaq increased 75 points, or 0.55%, to 13,914.

The VIX volatility index, known as the fear index, was down 1.74% to 23.12. The dollar index fell 0.1% to 98.40.

The yield on 10-year US Treasury notes, on the other hand, rose 2.27% to 2.370%.

Precious metals were on the decline with gold falling 0.63% to $1,923 per ounce and silver losing 1.63% to $24.8.

Global oil benchmark Brent crude was trading at $115.45, down 0.15%, while US benchmark West Texas Intermediate (WTI) was at $109.42 -- a 0.5% loss.