NEW YORK: Wall Street stocks rose modestly in early trading Tuesday, bouncing back from the prior session’s pullback on favorable durable goods economic data and despite weak Walgreens results.
Manufactured durable goods orders rose by 1.7 percent in May from a month earlier to $288.2 billion, topping estimates on a sharp jump in orders for nondefense aircraft.
Wall Street ends down, snaps weekly winning streak
The data helped lift stocks in one of the final sessions of the second quarter.
About 15 minutes into trading, the broad-based S&P 500 stood at 4,345.12, up 0.4 percent. The index has risen more than five percent in the quarter.
The Dow Jones Industrial Average also gained 0.4 percent to 33,837.13, while the tech-rich Nasdaq Composite Index advanced 0.5 percent to 13,399.77.
Stocks have been on the upswing on greater confidence that the US economy can avert a recession and hopes that the Federal Reserve has ended its cycle of lifting interest rates.
Among individual companies, shares of Dow component Walgreens Boots Alliance tumbled almost 10 percent as the drugstore chain cut its full year forecast, citing “a more cautious and value-driven consumer.”
But Delta Air Lines shares jumped 1.8 percent as it lifted its profit forecast on still-strong travel demand.
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