Nasdaq opens at fresh record high

US stock indices rose in early trading on Wednesday, after Federal Reserve Chairman Jerome Powell's testimony yesterday.

The US manufacturing PMI reached 62.6 points in May, beating forecasts of 61.5 points.

The service PMI fell to 64.8 points in May, missing forecasts of a drop to 70 points from 70.4 points.

Federal Reserve Chief Jerome Powell hinted in his testimony before the US Congress today that the Fed will adopt a patient approach and stick to its monetary policy for a while before raising interest rates.

Powell also stated that the Fed has to wait taking any step in response to the recent positive economic data.

He added that the rise in inflation is due to the increase in the prices of used cars, airplane tickets, and hotel rooms, and will likely prove temporary.

As for stocks, Dow Jones rose 0.1% or 47 points to 33,992 as of 14:19 GMT, and S&P 500 rose 0.2% or 10 points to 4,256, while Nasdaq rose 0.4% or 60 points to 14,313.