The Dow Edges Slightly Higher, Attempts Longest Win Streak in About 2 Months
The Dow Jones Industrial Average inched higher early Wednesday and the broader market saw subdued action at the open, as investors awaited fresh impetus to push equities in either direction.
Wall Street was set to hear a second day of testimony, at 10 a.m. Eastern Time, from Federal Reserve Chairman Jerome Powell. This time in front of the House Financial Services Committee, a day after after he expressed optimism about the economy in front of the Senate and hinted at further rate increases in 2018, “for now.” An anecdotal survey of business conditions in the Fed’s districts, known as the Beige Book, to be released at 2 p.m. also was in focus.
The Dow rose 11 points, or less than 0.1%, at 24,133, on pace for its longest win streak since May 14, the S&P 500 index traded flat at 2,810, while the Nasdaq Composite Index edged slightly higher at 7,858. Shares in Morgan Stanley were also watched by market participants after the bank reported second-quarter earnings rose 39% from last year, beating analyst expectations. The announcement caps off second-quarter earnings from the six largest banks, which underscored strength in the economy. That said, a reading of housing starts came in weaker than expected. Housing starts in June dropped by 12.3% from lowered numbers in May and were 3% lower than year-ago levels.
Source : Marketwatch
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