NEW YORK: Wall Street stocks edged higher early Tuesday, extending a rally propelled by anticipation of further easing of monetary policy.
The Dow has been trading in record territory in recent sessions following the Federal Reserve’s decision last week to keep interest rates flat while signaling expectations for rate cuts in 2024.
The S&P 500 is also within reach of an all-time high, noted Briefing.com analyst Patrick O’Hare.
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“The steam engine has been fueled by diving market rates, rising rate-cut expectations and a steady view that the economy will enjoy a soft landing,” O’Hare said.
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.2 percent at 37,378.37.
The broad-based S&P 500 added 0.2 percent at 4,752.04, while the tech-rich Nasdaq Composite Index gained 0.3 percent to 14,964.56.
Elsewhere, the Bank of Japan on Tuesday maintained its long-standing, ultra-loose monetary policy and offered no guidance on its plans in the new year, sending the yen down against the dollar and boosting stocks in Tokyo.
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