NEW YORK: Wall Street stocks edged higher in early trading Wednesday, shrugging off for now worries about rising international trade tensions that have pressured the market this week.
About 12 minutes into trading, the Dow Jones Industrial Average stood at 25,039.68, up 0.1 percent.
The broad-based S&P 500 rose 0.1 percent to 2,768.65, while the tech-rich Nasdaq Composite Index advanced 0.1 percent to 7,516.72.
US stocks finished solidly lower Tuesday, with the Nasdaq losing one percent on rising trade worries as President Donald Trump fired his secretary of state and was reportedly planning new tariffs on China.
Despite these headwinds, many analysts point to reasons for confidence.
“The market is reacting to the uncertainty around this president’s style,” said David Kotok, chief investment officer at Cumberland Advisors in a note. “Meanwhile, the market is ignoring the strong earnings growth momentum and positive outcomes ahead because of the tax reform bill, the infrastructure plan and repatriation.”
Kotok said he was back to “fully invested” after a February pullback.
Walmart shares rose 0.4 percent after announcing it is expanding home delivery of groceries to 100 metro areas in the United States amid a growing battle for market share with Amazon and others
Qualcomm dipped 0.1 percent after Singapore-based Broadcom announced it was abandoning efforts to take over Qualcomm, two days after its bid was blocked by President Donald Trump over national security concerns.
Source: Brecorder.com
