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U.S. stocks open higher after wage data as Fed decision looms

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U.S. stocks opened modestly higher on Tuesday, erasing some of the prior session’s losses as data showed wage growth was slightly less robust than expected in the fourth quarter. The Dow Jones Industrial Average advanced 70 points, or 0.2%, to 33,787:

U.S. stocks opened modestly higher on Tuesday, erasing some of the prior session’s losses as a closely watched data point showed wage growth was slightly less robust than expected in the fourth quarter. Investors are also looking ahead to Wednesday’s Federal Reserve meeting, where a rate hike of 25 basis points is expected. The S&P 500 SPX, +0.40% gained 6 points, or 0.

2%, to 4,023, while the Dow Jones Industrial Average DJIA, +0.22% advanced 70 points, or 0.2%, to 33,787. The Nasdaq Composite COMP, +0.60% advanced 22 points, or 0.2%, to 11,416. The employment cost index, released Tuesday ahead of the open, showed wage growth slowed at the end of 2022 for the third quarter in a row, although worker compensation still rose a sharp 1%. Economists polled by the Wall Street Journal had anticipated a rise of 1.1%.

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