NEW YORK, Aug. 1 (Xinhua) -- U.S. stocks opened slightly higher on Thursday, as investors scrutinized the latest monetary policy of U.S. Federal Reserve and Fed chair's relevant comments on future rate cuts.
Shortly after the opening bell, the Dow Jones Industrial Average rose 30.80 points, or 0.11 percent, to 26,895.07. The S&P 500 rallied 6.43 points, or 0.22 percent, to 2,986.81. The Nasdaq Composite Index increased 45.96 points, or 0.56 percent, to 8,221.38.
All of the 11 primary S&P 500 sectors traded lower around market opening, with the consumer-staples sector down nearly 2 percent, leading the loses.
Shares of Yum Brands rose over 4.4 percent, as the U.S. fast food chain reported second-quarter earnings that topped market estimates.
"We continue to leverage our unprecedented scale and expand our capabilities with the goal of enhancing franchise economics, accelerating growth and maximizing shareholder value," said Greg Creed, CEO of the Yum Brands, in a statement.
The federal funds target range now stands at 2-2.25 percent, which became the first reduced range since December 2008, when rates were lowered close to zero during the global financial crisis.
During an ensuing press conference, Fed Chairman Jerome Powell said the central bank's cut was a "mid-cycle adjustment," adding that the action is "not the beginning of a long series of rate cuts."
The remarks later erased all the gains of the three major indexes of the day sinking the Dow by over 470 points at one point in Wednesday's afternoon sessions, which marked its worst day since May. Enditem
