US stock indices rose on Tuesday on growing bets of early rate cuts by the Federal Reserve.
At 9:40 a.m. ET, the Dow Jones Industrial Average was up 43.65 points, or 0.12 per cent, at 37,429.62. The S&P 500 was up 10.63 points, or 0.22 per cent, at 4,765.26. The Nasdaq Composite was up 57.15 points, or 0.38 per cent, at 15,050.12.
On Friday, US stocks closed higher after the Personal Consumption Expenditures (PCE) report showed that inflation continues to fall toward the Fed’s average annual 2% target.
The yield on the 10-year treasury rose slightly at 3.91 per cent from 3.90 per cent late Friday.
The dollar index fell 0.03 per cent to 101.61, within sight of a 5-month-low of 101.42 struck on Friday. Euro rose 0.16 per cent to 1.1025 against US dollar.
European stock markets were closed on Tuesday.
In Asia, Japan’s benchmark Nikkei 225 index edged higher by 0.16 per cent, or 51.82 points, to end at 33,305.85.
In China, the Shanghai Composite index closed down 0.68 per cent, or 19.93 points, to 2,898.88.
Stock markets in Australia, Hong Kong, Indonesia and New Zealand were closed on Tuesday for public holidays.
Oil prices soared more than 2 per cent on Tuesday, boosted by Middle East strife.
Brent crude futures were up by $1.79, or 2.3 per cent, at $80.86 a barrel by 1453 GMT and earlier reached $81.23, the highest since December 1. US West Texas Intermediate crude rose by $1.89, or 2.6 per cent, to $75.45.
Last week, oil gained about 3 per cent after Houthi attacks on ships disrupted global shipping.
Gold strengthens on Tuesday, extending its rally for a third session on a weaker US dollar and treasury yields.
Spot gold rose 0.3 per cent to $2,058.85 per ounce by 10:10 am ET (1510 GMT), near a more than two-week high of $2,070.39 hit last session. US gold futures was up 0.1 per cent at $2,070.00.
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Published: 26 Dec 2023, 09:44 PM IST