US stocks edge higher amid trade war worries

The broad-based S&P 500 rose 0.1 per cent to 2,768.65, while the tech-rich Nasdaq Composite Index advanced 0.1 per cent to 7,516.72. — Reuters pic
The broad-based S&P 500 rose 0.1 per cent to 2,768.65, while the tech-rich Nasdaq Composite Index advanced 0.1 per cent to 7,516.72. — Reuters pic

NEW YORK, March 14 — Wall Street stocks edged higher in early trading today, shrugging off for now worries about rising international trade tensions that have pressured the market this week.

About 12 minutes into trading, the Dow Jones Industrial Average stood at 25,039.68, up 0.1 per cent.

The broad-based S&P 500 rose 0.1 per cent to 2,768.65, while the tech-rich Nasdaq Composite Index advanced 0.1 per cent to 7,516.72.

US stocks finished solidly lower Tuesday, with the Nasdaq losing one per cent on rising trade worries as President Donald Trump fired his secretary of state and was reportedly planning new tariffs on China.

Despite these headwinds, many analysts point to reasons for confidence.

“The market is reacting to the uncertainty around this president’s style,” said David Kotok, chief investment officer at Cumberland Advisors in a note. “Meanwhile, the market is ignoring the strong earnings growth momentum and positive outcomes ahead because of the tax reform bill, the infrastructure plan and repatriation.”

Kotok said he was back to “fully invested” after a February pullback.

Walmart shares rose 0.4 per cent after announcing it is expanding home delivery of groceries to 100 metro areas in the United States amid a growing battle for market share with Amazon and others 

Qualcomm dipped 0.1 per cent after Singapore-based Broadcom announced it was abandoning efforts to take over Qualcomm, two days after its bid was blocked by President Donald Trump over national security concerns. — AFP

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