NEW YORK: US stocks opened higher Wednesday, adding to records for the Dow and S&P 500, as global equities advanced in anticipation of more economic stimulus from central banks.
Investor anticipation is building ahead of a Bank of England meeting Thursday that could result in increased support for the British economy after the country voted to break with the European Union.
“The expectation that further stimulus measures will be forthcoming and that the Federal Reserve isn’t going to raise the fed funds rate soon has been a huge driver of the latest, unbelievable rally effort,” said Briefing.com analyst Patrick O’Hare.
Five minutes into trade, the Dow Jones Industrial Average was at 18,377.01, up 0.2 percent.
The broad-based S&P 500 advanced 0.1 percent to 2,154.69, while the tech-rich Nasdaq Composite Index rose 0.1 percent to 5,027.41.
Investors were also eyeing company earnings as the second quarter reporting season opens. On Thursday JPMorgan Chase is the first of large banks to report.
Copyright AFP (Agence France-Presse), 2016
Courtesy : BRecorder