US stocks open higher after absorbing Fed decision

US stocks opened higher today, after the market absorbed the US Federal Reserve's rate decision in addition to Chairman Jerome Powell's remarks.

The US FOMC cut the interest rates yesterday by 25 basis points, to between 1.75% and 2.00%, but a split emerged between the committee members.

Fed Chairman, Jerome Powell, said that the US economy and the labor market are still strong, and stated that any decisions to cut or raise the interest rates will be based on the economic situation.

The US Labor Department revealed today its reading for the unemployment claims, which increased have by 2,000 to 208,000 during last week.

As of 14:35 GMT, Dow Jones rose by 0.4% or 111 points to 27,250 points, Nasdaq rose by 0.6% or 54 points to 8,231, and S&P 500 rose by 0.4% or 13 points to 3,019.