Wall Street opens higher after disappointing US data

US stock indices opened the third session of the week higher, recouping some of Tuesday's losses after Federal Reserve Chair Jerome Powell's testimony on the Semiannual Monetary Policy Report before the House Financial Services Committee, which bolstered chances of four Fed rate hikes this year. 

However, earlier disappointing US data showed GDP growth slowed down to 2.5% in the fourth quarter of 2017, matching expectations and down from the preliminary reading's 2.6% growth, and the third quarter's 3.2% growth rate. 

GDP prices slowed down as well to 2.3% in the second reading, missing expectations of 2.4%, while Chicago PMI slowed down to 61.9 in February from 65.7 in January, missing expectations of 64.2. 

Pending home sales fell 4.7% m/m in January, compared to no-change in December, revised from a 0.5% rise, while analysts expected a 0.4% rise. 

On Thursday, Powell will testify on the Semiannual Monetary Policy Report before the Senate Banking Committee, in Washington DC, thus completing the second half of his Congress testimony. 

As of 03:33 GMT, Standard and Poor's 500 rose 0.50%, or 13.95 points to 2,758.63, while Dow Jones added 0.48%, or 123.02 points to 25,533.05. 

Tech-heavy NASDAQ advanced 0.62%, or 45.33 points to 7,375.69.