US: Stocks edge up ahead of Fed minutes

[NEW YORK] Wall Street stocks edged higher early Wednesday ahead of the release of Federal Reserve meeting minutes amid rising confidence in the US economic recovery after Covid-19 shutdowns.

JPMorgan Chase CEO Jamie Dimon, in an annual letter to shareholders, said the US economy was poised for a "likely boom" following unprecedented fiscal spending, although he noted the risk that Covid-19 variants and higher inflation could threaten that outlook.

Minutes from the Fed's March meeting are expected to weigh in on these issues. The US central bank has described the economy as improving, but not yet at the point where the central bank can shift from aggressive support.

About 35 minutes into trading, the Dow Jones Industrial Average was up 0.1 per cent at 33,462.56.

The broad-based S&P 500 gained 0.1 per cent to 4,079.08, while the tech-rich Nasdaq Composite Index added 0.1 per cent at 13,708.23.

The session comes after President Joe Biden moved up the timeframe for all US adults to be eligible to receive the Covid-19 vaccine by two weeks to April 19.

AFP