DJIA up 0.43% (Il Sole 24 Ore Radiocor) - New York, 17 Apr - US shares opened higher as investors tackled the latest round of earnings and comments from Federal Reserve chief Jerome Powell indicating interest rates may have to stay higher for longer.

Wall Street closed mixed yesterday with the S&P 500 posting its third straight day of losses after Powell said the Fed needed to see more progress on inflation before starting to cut rates.

'The recent data have clearly not given us greater confidence and instead indicate that it is likely to take longer than expected to achieve that confidence,' Powell said at an event.

Recent sticky inflation data has strengthened convictions the Federal Reserve will have to hold off longer than expected in cutting interest rates and will also have to dial down the number of cuts it makes.

Bond yields eased back with the US 10-year treasury yield falling to 4.62%.

On the stocks front Tesla shares were down 1.7% after the company asked shareholders to back the 56 billion dollar pay package of CEO Elon Musk set in 2018 and voided earlier this year by a Delaware judge.

Just after the opening bell the Dow Jones was up 162.63 points, or 0.43%, at 37,961.60, the S&P 500 was up 19.91 points, or 0.39%, at 5,071.32 while the Nasdaq was up 69.88 points, or 0.44%, at 15,935.13.

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(RADIOCOR) 17-04-24 15:42:52 (0511) 5 NNNN