US stocks open higher

• US stocks rise on Thursday as investors weigh recession fears against bargain-hunting tendencies.
• Dow Jones rises by around half a percent to 30,636.40 just after 20 minutes of trade.
• S&P 500 index reaches a new high of 3,774.64 and the Nasdaq Composite hits 11,085.21.

US stocks began higher, as investors weighed recession fears against bargain-hunting tendencies, as markets hoped for a rebound from recent losses.

Stocks rose on Tuesday and maintained most of their gains on Wednesday in a turbulent session that ended slightly lower. Major indices have plummeted throughout 2022 as the Federal Reserve aggressively raises interest rates to combat rising inflation.

Fed Chair Jerome Powell told a Senate panel Wednesday that the US economy remains on solid ground, but acknowledged there is a risk of recession amid higher interest rates.

Read More: US stocks retreat as Powell cautions on inflation

“Powell was very candid. He basically said we are going to do everything to fight inflation and he said the consequence is maybe a recession,” said Peter Cardillo of Spartan Capital.

“But the market was taking that pretty much in a stride because a lot of that is already discounted in the market.”

About 20 minutes into trading, the Dow Jones Industrial Average was up 0.5 percent at 30,636.40.

Read More: US stocks sink again, as S&P 500 enters ‘bear market’

The broad-based S&P 500 gained 0.4 percent to 3,774.64, while the tech-rich Nasdaq Composite Index advanced 0.3 percent to 11,085.21.

Powell was due for a second round of testimony later on Capitol Hill, speaking to a House Committee in his semi-annual appearance.