Friday, 28 July, 2017

US Stocks Edge Higher In Early Trade

Laurie Berry | 14 July, 2017, 19:58

Shares were mostly higher in Asia Thursday following a broad rally on Wall Street that nudged the Dow Jones industrial average to a new high after Federal Reserve Chair Janet Yellen told Congress the central bank may slow the pace of its interest rate increases if inflation remains below its target level. The S&P 500 was up by a point, or less than 0.1%, to 2,444.

USA stocks gained on Thursday, with the Dow Jones closing at a record for the 24th time in 2017, led by financials ahead of a roster of corporate results from the US's biggest banks.

The Nasdaq Composite (INDEXNASDAQ:.IXIC) closed up 13.27 points, or 0.21% to 6,274.44. Consumer-focused stocks also rose. The Dow rose 20.95 points, or 0.1 percent, to 21,553.09.

Modest gains by technology companies and banks are leading US stock indexes slightly higher in midday trading on Wall Street.

Senate Intelligence Committee list of interviewees expands amid Trump Jr. email controversy
Dianne Feinstein told CNN Thursday she wanted Trump Jr.to go before the committee as early as next week. In response to the Magnitsky Act, Russia disallowed adoption of Russian children by USA citizens.

FED TALK: Yellen's comments to Congress assuaged concerns among some traders that the Fed was raising interest rates too quickly in the face of stalling inflation and sluggish US economic growth of just 1.4 percent in the first quarter.

Today, Yellen will deliver her second day of semiannual monetary policy testimony before the Senate Banking Committee. Among the biggest gainers, Chesapeake Energy Corp. added 1.7% while Exxon Mobil Corp. was up 0.8%. Macy's rose 79 cents, or 3.7 percent, to $22.03. The Shanghai Composite index climbed 0.4 percent at 3,210.65 and the S&P ASX 200 surged 1.1 percent to 5,735.40.

Delta Air Lines Inc on Thursday reported a 21% drop in second-quarter profit because of sharply higher operating costs, despite higher passenger unit revenue, sending its shares down about 1.7%.

The Dow is up 1,790.49 points, or 9.1 percent. The euro weakened to $1.1408 from $1.1416. South Korea's Kospi gained 0.7 percent.

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