US stocks inch up as markets take post-election breather

Tuesday 12 Nov 2024

Wall Street stocks crept higher early Tuesday following last week's post-election surge, after voters sent Republican candidate Donald Trump back to the White House.

Traders work on the floor of the NY Stock Exchange.
Traders work on the floor of the New York Stock Exchange. AP

 

About 20 minutes into trading, the Dow Jones Industrial Average rose 0.1 percent to 44,325.21, with the broad-based S&P 500 rising to 6,004.55.

The tech-focused Nasdaq Composite Index edged up 0.1 percent, too, to 19,314.68.

"We've had some huge runs in a fairly short period of time," said Steve Sosnick of Interactive Brokers.

But an earlier rally has since faded and the pause appears to be continuing, he noted.

On Friday, stocks finished at fresh records after a buoyant week fueled by relief at the swift resolution of the US presidential election.

Sosnick noted Tuesday that investors appear to be responding "pretty well" to earnings such as those of retailer Home Depot, which beat expectations, and e-commerce platform Shopify, which also saw its revenue top estimates.

This week, investors will be eyeing upcoming inflation reports, with the consumer price index and producer price index both scheduled for release.

The reports come shortly after the Federal Reserve announced another interest rate cut last week.

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