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US:Wall St edges higher as earnings gather pace

Tuesday, January 24, 2017 - 23:43

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[NEW YORK] US stocks edged higher on Tuesday as investors assessed quarterly earnings, while seeking clarity on President Donald Trump's economic policies.

At 9:39 a.m. ET (1439 GMT), the Dow Jones Industrial Average was up 4.39 points, or 0.02 per cent, at 19,804.24, the S&P 500 was up 2.87 points, or 0.12 per cent, at 2,268.07 and the Nasdaq Composite was up 17.32 points, or 0.31 per cent, at 5,570.26.

With earnings gathering pace, investors are hoping that corporate performance can justify market valuations, given the recent rally that drove Wall Street to record highs.

Profits of S&P 500 companies are estimated to have risen 6.6 per cent in the latest quarter, according to Thomson Reuters I/B/E/S.

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Market voices on:

US stocks dipped on Monday after Trump warned of border taxes and signed orders to withdraw the United States from the Trans-Pacific trade deal. He has also vowed to renegotiate the North American Free Trade Agreement (NAFTA). "Whether it is political, economics or earnings, something needs to show up to give investors another boost of confidence that better times lie ahead," said Adam Sarhan, chief executive officer at 50 Park Investments.

Speaking to chief executives of General Motors, Ford and Fiat Chrysler, Mr Trump said he wanted to see new auto plants built in the United States, while reiterating his plans to cut taxes and regulations.

GM and Ford's stock were slightly higher, while Fiat rose 4.4 per cent.

REUTERS

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