Mumbai, Jan. 13 -- The Dow rose 86.13 points or 0.2 percent to 49,590.29, the Nasdaq climbed 62.56 points or 0.3 percent to 23,733.90 and the S&P 500 increased 10.99 points or 0.2 percent to 6,977.27.

Wall Street's initial pullback reflected concerns over the Federal Reserve's independence after Fed Chair Jerome Powell disclosed that the Department of Justice had served the central bank with grand jury subpoenas, potentially leading to criminal charges. Powell said the subpoenas relate to his June testimony before the Senate Banking Committee about a $2.5 billion renovation of several historic Fed buildings, calling the move "unprecedented" and linking it to President Donald Trump's pressure on the Fed to cut rates.

Analysts noted that ...