US stocks inch higher, recover part of overnight slump
|Major US equity indices opened slightly higher on Wednesday, recovering part of previous session's losses led by escalating geopolitical tensions in the Korean peninsula.
During the opening hour of trade, the Dow Jones Industrial Average gained around 70-points to 21,823, while the broader S&P 500 Index was up 7-points to 2,465. Meanwhile, tech-heavy Nasdaq Composite Index climbed nearly 15-points to 6,390.
It, however, remains to be seen if the early bounce is sustainable as investors kept a close watch on a potentially catastrophic, category 5 Hurricane Irma, which is expected to hit Florida.
Moreover, lingering concerns over the N. Korean episode, isolated nation reportedly preparing to launch a new intercontinental ballistic missile as soon as Sept. 9 might contribute towards denting investor’s risk appetite and keeping a lid on further up-move for the markets.
On the economic front, the US trade deficit edged up to $43.7 billion in July from $43.5 billion reported in June, keeping the country on track to post a larger deficit in 2017 than in 2016.
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