NEW YORK, Sept. 30 (Xinhua) -- U.S. stocks rose on Thursday morning, bolstered by a rebound in tech shares.
Shortly after the opening bell, the Dow Jones Industrial Average rose 107.42 points, or 0.31 percent, to 34,498.14. The S&P 500 increased 16.98 points, or 0.39 percent, to 4,376.44. The Nasdaq Composite Index advanced 78.91 points, or 0.54 percent, to 14,591.35.
Ten of the 11 primary S&P 500 sectors advanced in early morning, with technology up 0.9 percent, outpacing the rest. Energy fell 0.4 percent, the lone decliner.
The above market reactions followed recent tech weakness, as a spike in U.S. bond yields hit the high-flying sector.
Investors will look to Fed Chair Jerome Powell's testimony to the House Financial Services Committee on the federal response to the pandemic Thursday, alongside U.S. Treasury Secretary Janet Yellen.
At a hearing before the Senate Banking Committee on Tuesday, the Fed chief said that "inflation is elevated and will likely remain so in coming months before moderating," adding the related effects have been "larger and longer lasting than anticipated."
On the economic front, U.S. initial jobless claims. a rough way to measure layoffs, increased by 11,000 to 362,000 in the week ending Sept. 25, the Department of Labor reported on Thursday. Economists polled by Dow Jones had expected a print of 335,000. Enditem
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