Investing.com - U.S. stocks opened higher for the fourth consecutive session on Wednesday, as comments by Federal Reserve Chairwoman Janet Yellen on Tuesday continued to support equity markets.
During early U.S. trade, the Dow Jones Industrial Average edged up 0.09%, the S&P 500 rose 0.23%, while the Nasdaq Composite index gained 0.32%.
In her first Congressional testimony since her appointment as Fed Chair, Ms. Yellen told the House Financial Services Committee that the central bank would continue to gradually reduce the pace of its asset purchase program.
She also reiterated that Fed plans to hold interest rates at zero “well past” the time the jobless rate falls below 6.5%.
Separately, sentiment improved after data showed that Chinese exports jumped 10.6% in January from a year earlier, outstripping expectations for 2% gain, while imports jumped 10% and the trade surplus widened.
Procter & Gamble dropped 0.61% after the world’s largest consumer-products maker lowered its forecast for profit and sales growth this year citing currency exchange-rate fluctuations and policy changes in Venezuela.
On the upside, social media group Twitter saw shares surge 2.17% after saying it is testing a redesign of its profile pages that mimics the look ofFacebook's timelines, in a move to part to boost the microblogging service’s effort to enhance engagement as user growth slows.
Las Vegas Sands gained 0.78% following reports the world’s largest casino operator was attacked by hackers who defaced at least one company website and posted personal information about employees.
In earnings news, agricultural machinery giant Deere & Company reported better-than-expected fiscal first quarter results on the back of strong revenue figures, but shares were still down 1.07%.
FireEye plunged 4.50% after the technology company projected a worse-than-estimated first-quarter adjusted loss of between 51 cents and 56 cents a share.
Across the Atlantic, European stock markets were sharply higher. The EURO STOXX 50 gained 0.87%, France’s CAC 40 climbed 0.61%, Germany's DAX jumped 0.94%, while Britain's FTSE 100 added 0.17%.
During the Asian trading session, Hong Kong's Hang Seng Index rallied 1.47%, while Japan’s Nikkei 225 Index climbed 0.56%.