U.S. stocks open higher, extending gains after Fed meeting

U.S. stocks opened higher Thursday, with the technology-heavy Nasdaq Composite extending its sharp rise in the wake of the Federal Reserve slowing its pace of interest rate hikes. The Dow Jones Industrial Average
DJIA,
-0.11%
edged up 0.1% soon after the opening bell, while the S&P 500
SPX,
+1.47%
rose 1% and the Nasdaq Composite
COMP,
+3.25%
gained 2%, according to FactSet data, at last check. The U.S. central bank announced Wednesday that it was raising its benchmark rate by a quarter of a percentage point, downshifting from a rate hike of a half-point percentage point in December as it continues tightening monetary policy to bring down high inflation. Fed Chair Jerome Powell said during his press conference Wednesday that the “disinflationary” process is underway.