NEW YORK, Jan 25 — Wall Street stocks rose early today, adding to records, as strong US economic growth data offset a hit from disappointing Tesla results.
US economic growth came in at 3.3 per cent in the fourth quarter, topping estimates, fueled by a resilient jobs market and consumer spending, the Commerce Department said.
Elsewhere, the European Central Bank froze borrowing costs again even as inflation eases, signalling it was too soon to start considering rate cuts.
About 20 minutes into trading, the Dow Jones Industrial Average was up 0.2 per cent at 37,894.50.
The broad-based S&P 500 gained 0.4 per cent to 4,886.21, adding to a record, while the tech-rich Nasdaq Composite Index climbed 0.4 per cent to 15,539.99.
Among individual companies, Tesla sank nearly 10 per cent as Elon Musk’s electric car company missed earnings estimates in the fourth quarter and projected slower vehicle growth in 2024.
Boeing dropped nearly five per cent after the Federal Aviation Administration cleared a path for the return to service on the 737 MAX 9.
However, the agency said it would limit the production growth plan for the Boeing 737 MAX until the company improves its quality control. — AFP
