Wall Street Opens Higher as Rate Hike Pause Hopes Grow

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City on March 16, 2023. (Brendan McDermid/Reuters)

Wall Street’s main indexes opened higher on Thursday after the Federal Reserve hinted it was close to pausing interest rate hikes amid a turmoil in the banking sector that threatens to cause a severe economic downturn.

The Dow Jones Industrial Average rose 71.38 points, or 0.22 percent, at the open to 32,101.49. The S&P 500 opened higher by 22.24 points, or 0.56 percent, at 3,959.21, while the Nasdaq Composite gained 141.36 points, or 1.21 percent, to 11,811.32 at the opening bell.