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Wall Street advances cautiously ahead of Biden speech


File picture shows a worker cleaning the floor of the New York Stock Exchange (NYSE) March 20, 2020. — Reuters pic
File picture shows a worker cleaning the floor of the New York Stock Exchange (NYSE) March 20, 2020. — Reuters pic

NEW YORK, Nov 13 — Wall Street rose modestly at the open today as traders eyed a speech by President Joe Biden later in the afternoon where he may announce new steps to fight US inflation.

Before markets opened, Biden ordered the release of 50 million barrels of oil from the US strategic reserve in a coordinated attempt with other countries to tamp down soaring pump prices that are pinching Americans’ wallets ahead of the Thanksgiving holiday.

The president could outline moves later in the day to cut into the wave of inflation that saw consumer prices post their biggest annual jump last month in more than 30 years.

About 25 minutes into trading, the benchmark Dow Jones Industrial Average was up 0.3 per cent at 35,735.39. The broad-based S&P 500 climbed 0.3 per cent to 4,696.99.

The tech-rich Nasdaq Composite Index rose 0.2 per cent to 15,890.96.

Investors are awaiting Wednesday when a raft of government data is released, including the latest readings on personal consumption expenditures and big-ticket manufactured goods sales. Markets are closed Thursday for the Thanksgiving holiday. — AFP



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