US stocks edge up as IMF confirms global growth forecast

[NEW YORK] Wall Street stocks edged up early Tuesday as the International Monetary Fund kept its 2017 forecast unchanged but warned that rising protectionism could crimp growth.

The IMF maintained its growth forecast at 3.1 per cent next year, as it predicted incrementally stronger activity in Japan and the eurozone would compensate for slower growth in the US.

But it also warned that rising anti-trade sentiment in advanced countries could pull growth lower.

About 35 minutes into trade, the Dow Jones Industrial Average stood at 18,293.91, up 0.2 per cent.

The broad-based S&P 500 advanced 0.1 per cent to 2,162.54, while the tech-rich Nasdaq Composite Index climbed 0.3 per cent to 5,314.95.

Google parent Alphabet gained 0.4 per cent ahead of a high-profile event in San Francisco that is expected to unveil a new line of Google-branded smartphones, a tablet and a home virtual assistant.

Other technology companies were mostly in positive territory, with Apple rising 1.3 per cent and Cisco Systems and Oracle both up 0.3 per cent Delta Air Lines increased 1.7 per cent as it reported that a key customer revenue benchmark in September declined 3.0 per cent but said competitive pressures in the US "moderated slightly." Darden Restaurants won 1.2 per cent as it raised its full-year forecast following a 27.5 per cent rise in first-quarter earnings to US$110.2 million behind higher sales at its Olive Garden chain.

AFP