NEW YORK: Wall Street stocks opened higher on Wednesday, extending a bullish run ahead of earnings later in the day from Netflix and Tesla.
Stocks have been on an upswing in the wake of financial data that suggest the possibility of a “soft landing” for the economy, where inflation moderates but the United States does not go into recession.
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.4 percent at 35,076.44. The index has risen the last seven days.
Wall St kicks off week higher as investors await more earnings
The broad-based S&P 500 advanced 0.4 percent to 4,574.80, while the tech-rich Nasdaq Composite Index gained 0.5 percent to 14,418.94.
Investors have a “fear of missing out” on further gains, according to analysts.
Despite the sense that the market is overbought “a resilience to selling interest is exactly why the stock market has kept pressing higher,” said Briefing.com analyst Patrick O’Hare.
Among individual companies, Goldman Sachs shares fell 1.0 percent as it reported weaker-than-expected results.
Profits came in at $1.1 billion, down 62 percent from the year-ago period, on weakness in the merger and acquisition market and the hit from net losses and markdowns in real estate.
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