US: Wall Street opens higher as rate-cut hopes increase

WALL Street’s main indexes rose on Wednesday (Jun 5) as investors ramped up bets for an earlier than expected start to interest rate cuts by the Federal Reserve, in the wake of economic reports signalling a weakening labour market and slowing economic growth.

The Dow Jones Industrial Average rose 63.53 points, or 0.16 per cent, at the open to 38,774.82.

The S&P 500 opened higher by 23.14 points, or 0.44 per cent, at 5,314.48, while the Nasdaq Composite gained 117.43 points, or 0.70 per cent, to 16,974.48 at the opening bell. REUTERS