US stocks rise ahead of Fed testimony, jobs data

Fed Chair Jerome Powell is set for two days of testimony before Congress where he will be pressed about the central bank's efforts to counter inflation.

Wall Street stocks advanced early Monday, extending a rally ahead of key jobs data and congressional testimony from the head of the US Federal Reserve.

After a tough February, equities rebounded somewhat late last week due in part to bargain hunting. That trend continued at the start of the week, as US Treasury bond yields pulled back.

The market "is roughly in the middle of a trading range that has persisted since October," said Briefing.com analyst Patrick O'Hare.

"Where it goes next will depend in large part on what it hears over the course of the next few weeks."

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.2 percent at 33,465.31.

The broad-based S&P 500 gained 0.4 percent to 4,061.92, while the tech-rich Nasdaq Composite Index jumped 0.6 percent to 11,755.64.

Fed Chair Jerome Powell is set for two days of testimony before Congress where he will be pressed about the central bank's efforts to counter inflation.

But much of the key data that will inform the Fed's next meeting will come after the hearings, including Friday's government jobs report for February.