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2/28/2018, 3:31 PM (Source: TeleTrader)
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US markets open higher after GDP data

Markets in the United States opened with gains on Wednesday as investors focused on Federal Reserve Chair Jerome Powell's testimony before the Congress, as well as economic data. Powell told a House committee on Tuesday that the central bank is set to hike interest rates more than three times in 2018 if the incoming data indicates a strengthening economy and labor market. The Fed chair is due to testify before a Senate committee tomorrow. Meanwhile, traders digested fourth quarter GDP figures and awaited pending home sales data.

The Dow Jones rose 0.39% at 3:30 pm CET. Verizon led the gains as it jumped1.06% at 3:31 pm CET.

The Nasdaq 100 was up 0.64% at 3:30 pm CET. The best performer was Booking Holdings which surged 7.89% at 3:35 pm CET.

The S&P 500 added 0.47% at 3:30 pm CET. Significant gains were recorded by Range Resources and TJX Companies which surged 9.12% and 7.85%, respectively, at 3:33 pm CET.

The euro dipped 0.05% against the dollar to go for 1.2223 at 3:34 pm CET.

Baha Breaking News (BBN) / NP