Wall Street open higher as Powell calms taper fears; Dow Jones gains 170 pts

Wall Street’s main indexes opened higher on Wednesday after comments from the Federal Reserve fueled hopes the central bank would stick to its accommodative monetary policy despite a sharp jump in inflation last month.

The Dow Jones Industrial Average rose 170.26 points, or 0.49 per cent, to 35,059.05. The S&P 500 rose 23.84 points, or 0.55 per cent, to 4,393.05, while the Nasdaq Composite rose 79.17 points, or 0.54 per cent, to 14,756.83.