US stocks open higher ahead of Powell’s confirmation hearing

Major US equity indices edged higher and moved to fresh record territory during the opening hour of trade on Tuesday.

Investors look forward to the Fed Chair Designate Jerome Powell's confirmation hearing before the Senate Banking Committee, due in a short while from now, which would be looked upon for clues as to how he will lead the central bank.

On the economic data front, the release of CB consumer confidence index would also be looked upon for some trading impetus but the key focus would on developments surrounding the long-awaited US tax reform legislation. The US President Donald Trump is set to discuss the bill with Senate Republicans ahead of an expected vote on Thursday. 

At press time, the Dow Jones Industrial Average gained nearly 65-points to 23,645, while the broader S&P 500 Index added around 5-points to 2,606. Meanwhile, tech-heavy Nasdaq Composite Index climbed over 6-points to 6,885.