New York, July 16, 2024 (AFP)
Wall Street stocks opened higher Tuesday, extending a positive run following solid corporate earnings and mixed economic data that have kept alive hopes for US interest rate cuts.
US retail sales slipped less than analysts anticipated in June in a dynamic that market watchers says keeps alive a "soft landing" narrative.
Meanwhile, the International Monetary Fund kept its 2024 global growth forecast at 3.2 percent, unchanged from its April forecast, while warning of inflation risks and trade tensions ahead.
About 20 minutes into trading, the Dow Jones Industrial Average was up 0.8 percent at 40,541.90, adding to Monday's record close.
The broad-based S&P 500 gained 0.4 percent to 5,651.31, while the tech-rich Nasdaq Composite Index advanced 0.3 percent to 18,524.43.
Monday's record for the Dow was the latest in a string of all-time highs in 2024 amid expectations for Federal Reserve interest rate cuts later in the year.
"The trend is your friend," said Karl Haeling of LBBW . "The market is now convinced right or wrong that the Fed really is going to be cutting rates this year."
Markets are also assessing the implications of rising expectations of a victory by Donald Trump in the US presidential race, with the Republican's deregulatory bent seen as favorable to stocks offset by his penchant for tariffs and trade conflict.
Among individual companies, Bank of America jumped 3.3 percent after reporting higher than expect profits, due in part to increased profits in global markets compared with the year-ago period.

Sumber : AFP