NEW YORK: Wall Street stocks opened higher Tuesday, lifting major indices to fresh record territory after China announced steps to stimulate its economy.
China said it would cut the reserve requirement ratio, which dictates the amount of cash banks must hold in reserve, and lower the interest rate of existing mortgage loans.
The moves are the latest stimulative measure by central bankers following interest rate cuts by the Federal Reserve, the European Central Bank and others.
About 10 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 42,167.41.
Wall Street edges higher with focus on Fed speakers, economic data
The broad-based S&P 500 also added 0.1 percent at 5,723.56, while the tech-rich Nasdaq Composite Index advanced 0.3 percent to 18,030.63.
Both the Dow and S&P 500 finished at fresh records on Monday, extending a buoyant period anticipating and applauding the Fed’s policy pivot.
The Conference Board is set to release consumer confidence data later Tuesday, offering a fresh reading of the economic health of the US population.
Source: Brecorder
