Wall Street up as market seeks to move past trade angst

US stocks have been pressured this week amid talk of additional US tariffs. ― Reuters pic
US stocks have been pressured this week amid talk of additional US tariffs. ― Reuters pic

NEW YORK, March 16 — Wall Street stocks were modestly higher in early trading today as investors tried to shrug off worries about US trade policy and upheaval in the White House.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 24,946.29, up 0.3 per cent.

The broad-based S&P 500 rose 0.3 per cent to 2,755.75, and the tech-rich Nasdaq Composite Index also gained 0.3 per cent to 7,500.45.

US stocks have been pressured this week amid talk of additional US tariffs and as President Donald Trump has shaken up his Cabinet, replacing Rex Tillerson as Secretary of State with Mike Pompeo and reportedly planning to fire National Security Advisor HR McMaster.

The Dow has fallen nearly two per cent since last Friday, a dynamic that sometimes entices buying by bargain hunters.

“This bull market has shown a propensity to take the bad with the good and ultimately put more stock (no pun intended) in the good,” said Briefing.com analyst Patrick O’Hare.

Among individual stocks, jeweler Tiffany tumbled 5.7 per cent as it projected 2018 earnings below analyst expectations while it beefs up investment in e-commerce and marketing.

Adobe Systems rose 3.7 per cent after reporting first-quarter revenues of US$2.1 billion, a company record and a 24 per cent increase from the year-ago period. — AFP

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