US stocks edge up as IMF confirms global growth forecast
NEW YORK - Wall Street stocks edged up early Tuesday as the International Monetary Fund kept its 2017 forecast unchanged but warned that rising protectionism could crimp growth.
The IMF maintained its growth forecast at 3.1 percent next year, as it predicted incrementally stronger activity in Japan and the eurozone would compensate for slower growth in the US.
But it also warned that rising anti-trade sentiment in advanced countries could pull growth lower.
About 35 minutes into trade, the Dow Jones Industrial Average stood at 18,293.91, up 0.2 percent.
The broad-based S&P 500 advanced 0.1 percent to 2,162.54, while the tech-rich Nasdaq Composite Index climbed 0.3 percent to 5,314.95.
Google parent Alphabet gained 0.4 percent ahead of a high-profile event in San Francisco that is expected to unveil a new line of Google-branded smartphones, a tablet and a home virtual assistant.
Other technology companies were mostly in positive territory, with Apple rising 1.3 percent and Cisco Systems and Oracle both up 0.3 percent
Delta Air Lines increased 1.7 percent as it reported that a key customer revenue benchmark in September declined 3.0 percent but said competitive pressures in the US "moderated slightly."
Darden Restaurants won 1.2 percent as it raised its full-year forecast following a 27.5 percent rise in first-quarter earnings to $110.2 million behind higher sales at its Olive Garden chain.
- AFP
