NEW YORK: Wall Street stocks bounced early Wednesday despite another jump in oil prices as markets awaited congressional testimony from Federal Reserve Chair Jerome Powell.
Powell, in prepared remarks, said the impact of the conflict in Ukraine on the US economy is "highly uncertain," but that the central bank is ready to raise interest rates to tamp down inflation.
Briefing.com analyst Patrick O'Hare cited hopes surrounding Powell's testimony as a source of the market's early gains after some Fed officials signaled the possibility the first interest rate hike expected later this month could be twice the normal size.
"We know how much the stock market loves the thought of the Fed operating in a soft-handed way," O'Hare said. "We're not sure, though, if the Fed chair is going to deliver fully on the market's hopes."
US stocks fall again as oil prices jump on supply fears
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.8 percent at 33,563.97.
The broad-based S&P 500 gained 0.9 percent to 4,345.28, while the tech-rich Nasdaq Composite Index advanced 0.7 percent to 13,623.55.
Payroll services firm ADP reported that private employment increased by 475,000 nationally in February, more than analysts expected.
The ADP report is considered a preview of the Labor Department's monthly hiring data due out Friday, which is expected to show employers adding 400,000 jobs as the US economy continues to recover from the Covid-19 pandemic.
Among individual companies, Ford jumped 6.9 percent as it announced it is creating separate businesses for its conventional and electric-auto operations, as it accelerates its build-out of emission-free vehicles.
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