US stocks close higher on tech strength, Fed comments

4:05pm: US equities climb higher US stocks closed higher as the tech-heavy Nasdaq Composite climbed to an all-time high. On the day, the Dow rose 68 points, or 0.20%, to 33,945. The S&P 500 climbed 0.52% to 4,246 and the Nasdaq jumped by 0.79% to 14,253. 12.15pm: US benchmarks on the up US stocks were heading higher at mid-session as the bounce-back continues. The Dow Jones Industrial Average added over 38 at 33,915, while the broader-based S&P 500 gained almost 14 points at 4,238. The tech-heavy Nasdaq added nearly 60 points at 14,200. Investors are awaiting the testimony later of Federal Reserve Chairman Jerome Powell to Congress concerning the US central bank’s response to coronavirus (COVID-19). In prepared comments yesterday, Powell noted that "indicators of economic activity and employment" had continued to strengthen, and that real GDP this year appears "to be on track to post its fastest rate of increase in decades". His testimony comes after a Fed policy meeting last week, in which it hinted that an interest rate rise could happen sooner than expected. "The market continues to stand or fall by what Fed members say, and today will be no different. Yesterday’s exuberance has cooled off ahead of Powell’s testimony tonight, but since this week appears to be mainly about walking back some of the views expressed in the FOMC it is likely a supportive atmosphere for risk assets will remain in place," said chief market analyst Chris Beauchamp at online trading group IG in a note. 9.41am: Proactive North America headlines: Biocept Inc (NASDAQ:BIOC) (FRA:B003) partners with Quest Diagnostics to provide its Target Selector NGS-based liquid biopsy testing for lung cancer Australis Capital Inc (CSE:AUSA) (OTCMKTS:AUSAF) (FRA:AC4)  to change name to Audacious Brand and finalizes land purchase in Nevada CO2 GRO Inc (CVE:GROW) (OTCQB:BLONF) (FRA:4021) inks C$65,500 commercial installation agreement with Canadian-licensed producer Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) (FRA:G3U) publishes its 2020 sustainability report FansUnite Entertainment Inc (CSE:FANS) (OTCQB:FUNFF) says Brazilian Vamosgg.com brand inks gaming rights deal for esports major CS:GO Codebase Ventures Inc (CSE:CODE) (OTCQB:BKLLF) (FRA:C5B) says investee Love Hemp Group signs three-year endorsement deal with boxing superstar Anthony Joshua Nextech AR AR Solutions Corp (OTCQB:NEXCF) (NEO:NTAR) (CSE:NTAR) (FRA:N29) acquires 3D AI modeling for e-commerce company Threedy Acasti Pharma Inc (NASDAQ:ACST) (CVE:ACST) (FRA:A1PA) reduces losses as it progresses Grace Therapeutics transaction Valeo Pharma Inc (CSE:VPH) (OTCQB:VPHIF) (FRA:VP2) poised for boost to financial performance as it commercially launches two asthma therapies Silvercorp Metals Inc (TSE:SVM) (NYSEAMERICAN:SVM) (FRA:S9Y) says latest drilling confirms potential of high grade mineralization outside resource at LME mine RedHill Biopharma Ltd (NASDAQ:RDHL) presents positive Phase 2 data for oral opaganib in hospitalized patients with COVID-19 at World Microbe Forum Planet 13 Holdings Inc (CSE:PLTH) (OTCQB:PLNHF) adds Select and STIIIZY store-in-stores at Orange County SuperStore 9.37am:  Wall Street starts relatively unchanged Wall Street has started Tuesday’s session relatively unmoved as traders seemed content to sit on their hands ahead of testimony from Federal Reserve chair Jerome Powell later today. Shortly after the opening bell, the Dow Jones Industrial Average was down 0.1% at 33,843, while the S&P 500 dipped 0.04% to 4,223 and the Nasdaq inched up 0.02% to 14,144. While equities were mostly flat, there was more activity on the downside in the crypto markets as Bitcoin saw its price drop below US$30,000 for the first time after falling 9% in the last 24 hours to US$29,704. 7:40am: Wall Street to open slightly higher The main indices on Wall Street are set for a low key start on Tuesday as investors keep their powder dry ahead of the testimony to Congress by Federal Reserve chair Jerome Powell due later. After Monday's gains, the Dow Jones Industrial Average is forecast to edge up just 18 points or a minuscule 0.04%. There is little more excitement expected elsewhere, with the S&P 500 looking at a 0.1% gain and the Nasdaq Composite indicated 0.27% better. Powell's pre-released comments repeat the mantra that the central bank believes the current inflationary pressures are transitory. But last week's more hawkish tone from the Fed's regular meeting means markets are taking nothing for granted. Sophie Griffiths, market analyst at OANDA, said: "US stocks are pointing to a subdued start on the open, after strong gains in the previous session and ahead of Fed Chair Powell's appearance. The Dow booked its biggest one-day rally in three months on Monday. However, few are willing to add to those positions before hearing more from Powell." Four things to watch for on Tuesday: Companies in the earnings diary today include electrical equipment maker Plug Power Inc (NASDAQ:PLUG), management consultancy Korn Ferry (NYSE:KFY) and software group Cognyte Software Ltd (NASDAQ:CGNT) Meme stock favourite GameStop Corp (NYSE:GME) will be in focus after the video game retailer raised over US$1.1bn in a stock offering Google owner Alphabet Inc (NASDAQ:GOOGL) may also draw attention following news of a new antitrust probe by EU authorities On the macro front, the Richmond Fed manufacturing index could provoke interest as well as data on US existing home sales