US stocks higher before Fed Chair Powell's speech

By Ovunc Kutlu

ISTANBUL (AA) - Major US stock exchanges opened higher Friday ahead of Federal Reserve Chair Jerome Powell's speech.

The Dow Jones Industrial Average increased 155 points, or 0.38%, to 40,868 at 9.50 a.m. EDT (1350GMT).

The S&P 500 added 36 points, or 0.66%, reaching 5,606. The Nasdaq Composite rose almost 178 points, or 1%, to 17,797.

The VIX volatility index, referred to as the "fear index," fell 3% to 17.02. The 10-year US Treasury yield lost 0.3% to 3.850%.

The US dollar index was unchanged at 101.51, while the euro was steady against the dollar at $1.1108.

Precious metals were in positive territory, with gold rising 0.54% to $2,498 per ounce and silver adding 1% to $29.27 per ounce.

Oil prices were up around 1.6% with global benchmark Brent crude at $78.39 per barrel and US benchmark West Texas Intermediate at $74.31 per barrel.

Investors are now focused on Powell's speech that will start at 10.00 a.m. EDT (1400GMT) at the annual Jackson Hole symposium in the US state of Wyoming.