US stocks rise after Fed Chief Powell's statements

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

Federal Reserve Chairman Jerome Powell said in a prepared statement before the US Congress that the Fed will not change its monetary policy soon and that the labor market is still far from the Fed's target, adding that inflation has surged recently, and it is expected to continue rising in the coming months.

However, Powell believes that the rise in inflation is temporary, as consumer prices rose due to the US economy reopening, and stressed the Fed's commitment to its current dovish monetary policy.

Major US companies will release their quarterly business results for the second quarter this week.

As for stocks, Dow Jones rose 0.3% or 110 points to 34,999 as of 13:58 GMT, and S&P 500 rose 0.4% or 18 points to 4,387, while Nasdaq rose 0.6% or 89 points to 14,767.