NEW YORK, Feb. 27 (Xinhua) -- U.S. stocks opened lower on Tuesday as investors meditated on a batch of economic reports.
U.S. new orders for manufactured durable goods in January decreased 9.2 billion U.S. dollars, or 3.7 percent, to 239.7 billion dollars, worse than market consensus of a 2-percent decline, the Commerce Department said Tuesday.
In a separate report, the department announced that the international trade deficit was 74.4 billion dollars in January, up 2.1 billion dollars from 72.3 billion dollars in December.
Meanwhile, investors kept a close eye on the Federal Reserve Chair Jerome Powell, who is scheduled to present his first Congress testimony Tuesday morning.
Powell said in prepared remarks released early Tuesday morning that despite the stock market's recent volatility, Fed governors still plan on hiking rates multiple times throughout 2018.
"Despite the recent volatility, financial conditions remain accommodative," he said in a statement. "At the same time, inflation remains below our 2 percent longer-run objective. In the FOMC (Federal Open Market Committee)'s view, further gradual increases in the federal funds rate will best promote attainment of both of our objectives."
Shortly after the opening bell, the Dow Jones Industrial Average rose 15.57 points, or 0.06 percent, to 25,724.84. The S&P 500 increased 1.85 points, or 0.07 percent, to 2,781.45. The Nasdaq Composite Index edged up 0.78 point, or 0.01 percent, to 7,422.24.
On Monday, U.S. stocks closed higher amid stabilization in Treasury rates, with all three major indices jumping over 1 percent. Enditem
