Markets Right Now: US stocks open broadly higher

NEW YORK (AP) — The latest on developments in financial markets (all times local):

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9:35 a.m.

Stocks are opening broadly higher on Wall Street after the head of the Federal Reserve indicated the central bank is ready to cut interest rates.

Technology companies and communications services stocks drove much of the gains in early trading Wednesday. Western Digital rose 3.3% and Take-Two Interactive climbed 2.5%.

Fed Chair Jerome Powell said in prepared congressional testimony that a slowing global economy and trade tensions had strengthened the case for looser monetary policy.

Helen of Troy jumped 12.5% after reporting fiscal first-quarter results that topped Wall Street’s forecasts.

The S&P 500 index rose 16 points, or 0.5%, to 2,995.

The Dow Jones Industrial Average gained 130 points, or 0.5%, to 26,911. The Nasdaq added 71 points, or 0.9%, to 8,212.

Bond prices fell. The yield on the 10-year Treasury rose to 2.06%.

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