Wall Street stocks up after mixed US data

July 3: Wall Street stocks chugged higher in early trading Wednesday in a holiday-shortened session following mixed economic data amid expectations for dovish monetary policy.

The yield on the 10-year US Treasury note sagged below two percent, the latest retreat in the wake of commentary from Fed Chair Jerome Powell and other Fed officials that has opened the door to an interest rate cut as soon as this month.

Data showed US companies hired fewer employees than expected in June, while the US trade deficit hit a five-month high as imports from Mexico soared amid trade uncertainty. US jobless claims fell modestly.

The reports come ahead of Friday's government jobs data for June.

About 20 minutes into trading, the Dow Jones Industrial Average was at 26,840.60, up 0.2 percent.

The broad-based S&P 500 gained 0.3 percent to 2,980.48, while the tech-rich Nasdaq Composite Index also advanced 0.3 percent to 8,130.97.

Tesla shot up 5.9 percent after reporting that it delivered 95,200 vehicles in the second quarter, a record that was seen easing pressure on chief executive Elon Musk amid worries over the electric car maker's prospects.

Symantec surged 15.3 percent after Bloomberg reported that the cybersecurity company is in advanced talks to be acquired by Broadcom. Broadcom dropped 2.9 percent.

US stock markets will close Wednesday at 1700 GMT in commemoration of the Independence Day holiday. Markets will be closed Thursday and reopen Friday.

AFP/APP

Posted on: 2019-07-03T20:15:00+05:00

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