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NEW YORK: Wall Street rose modestly at the open Tuesday as traders eyed a speech by President Joe Biden later in the afternoon where he may announce new steps to fight US inflation.

Before markets opened, Biden ordered the release of 50 million barrels of oil from the US strategic reserve in a coordinated attempt with other countries to tamp down soaring pump prices that are pinching Americans' wallets ahead of the Thanksgiving holiday.

The president could outline moves later in the day to cut into the wave of inflation that saw consumer prices post their biggest annual jump last month in more than 30 years.

About 25 minutes into trading, the benchmark Dow Jones Industrial Average was up 0.3 percent at 35,735.39. The broad-based S&P 500 climbed 0.3 percent to 4,696.99.

US stocks open higher as Fed Chair Powell renominated

The tech-rich Nasdaq Composite Index rose 0.2 percent to 15,890.96.

Investors are awaiting Wednesday when a raft of government data is released, including the latest readings on personal consumption expenditures and big-ticket manufactured goods sales. Markets are closed Thursday for the Thanksgiving holiday.

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