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Wall Street set to recover after bumpy session


By Sruthi Shankar

(Reuters) - Wall Street was set to open higher on Wednesday, gaining momentum from economic data that further eased fears of faster interest rate hikes in 2018.

Also helping the sentiment was a faster-than-expected growth in activity in the first two months of the year, which boosted commodity prices and

strong growth comes at a time when U.S. is seeking to impose tariffs on up to $60 billion of Chinese imports.

"came out with a better than what was expected," said Robert Pavlik, at

"The market is still trying to weigh concerns about tariffs on one hand and understanding how the acts and how he speaks openly and comes up with a different policy in the end."

The and the Dow closed 0.6 percent lower on Tuesday after Trump fired and appointed CIA as replacement.

Market sentiment took a hit early last week after the announced plan to levy tariffs on and aluminium import.

fell for a third straight month in February as households cut back on purchases of motor vehicles and other big-ticket items.

Another set showed U.S. prices increased slightly more than expected in February, but a gauge of underlying price pressures that excludes food, and rose 0.4 percent last month, matching January's gain.

The reports follow Tuesday's consumer prices data that pointed to annual U.S. core inflation steady at 1.8 percent, cementing investors expectations that the Federal Reserve would not raise rates more than three times in 2018.

"I'm not thinking that positive futures will end up in a positive day," said Pavlik.

By 8:38 a.m. ET, Dow were up 103 points, up 7.75 points and rose 29 points.

Singapore-based Ltd withdrew its $117 billion bid to acquire Inc, two days after U.S. blocked the deal citing national security concerns.

shares were up 0.68 percent and rose 0.34 percent in premarket trading.

shares were up nearly 4 percent after double-upgraded the stock to "overweight" and raised its earnings forecast for the first time in two years.

Signet Jewellers fell about 10 percent after the company reported lower same-store sales in the fourth quarter.

(Reporting by in Bengaluru; Editing by Arun Koyyur)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 14 2018. 19:01 IST