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US stock indexes edge higher in early trading; oil rises

FILE - This July 16, 2013, file photo, shows a Wall Street street sign outside the New York Stock Exchange. Global stock markets were shored up Thursday, July 13, 2017, by suggestions from Federal Reserve Chair Janet Yellen that the central bank may slow the pace of its interest rate increases if inflation remains relatively subdued. The dollar recovered its poise after stuttering in the wake of Yellen's remarks. (AP Photo/Mark Lennihan, File)
FILE - This July 16, 2013, file photo, shows a Wall Street street sign outside the New York Stock Exchange. Global stock markets were shored up Thursday, July 13, 2017, by suggestions from Federal Reserve Chair Janet Yellen that the central bank may slow the pace of its interest rate increases if inflation remains relatively subdued. The dollar recovered its poise after stuttering in the wake of Yellen's remarks. (AP Photo/Mark Lennihan, File) FILE - This July 16, 2013, file photo, shows a Wall Street street sign outside the New York Stock Exchange. Global stock markets were shored up Thursday, July 13, 2017, by suggestions from Federal Reserve Chair Janet Yellen that the central bank may slow the pace of its interest rate increases if inflation remains relatively subdued. The dollar recovered its poise after stuttering in the wake of Yellen's remarks. (AP Photo/Mark Lennihan, File)

By Associated Press 3 min read

U.S. stock indexes edged higher in early trading Thursday, led by gains in technology companies. Big retail chains and other consumer-focused stocks were also among the gainers. Health care companies were among the laggards. Investors had their eye on Washington, where Federal Reserve chair Janet Yellen was testifying before Congress for the second day.

KEEPING SCORE: The Standard & Poor’s 500 index gained 3 points, or 0.2 percent, to 2,447 as of 10:12 a.m. Eastern time. The Dow Jones industrial average rose 18 points, or 0.1 percent, to 21,551. The Nasdaq composite added 17 points, or 0.3 percent, to 6,278. The Russell 2000 index of smaller-company stocks slid 2 points, or 0.2 percent, to 1,422.

FED TALK: Yellen was appearing before a Senate committee, a day after she testified before a House panel. On Wednesday, she raised the possibility that the Fed would consider slowing the pace of its interest rate increases if inflation remained persistently below its target level. The remarks assuaged concerns among some traders that the Fed was raising interest rates too quickly in the face of stalling inflation and sluggish U.S. economic growth, setting off a broad market rally.

TECH SURGE: Technology companies were up the most. EBay gained 81 cents, or 2.2 percent, to $36.84. Nvidia rose $3.39, or 2.1 percent, to $165.90.

RETAIL RALLY: Several retail chains were notching gains. Macy’s rose 79 cents, or 3.7 percent, to $22.03. Gap added 63 cents, or 2.9 percent, to $22.21. Target climbed 2.28 percent after it raised its second-quarter forecasts and said sales and customer traffic grew. The stock gained $1.41 to $52.28.