NEW YORK: Wall Street stocks rose early Wednesday, extending an upward move in a holiday-shortened week as markets hope for another Federal Reserve interest-rate cut next month.
The Fed, which has lowered interest rates the last two meetings, will release later Wednesday its “beige book” describing economic conditions around the United States.
The last two rate cuts have stemmed from heightened concerns about the employment market.
About five minutes into trading, the Dow Jones Industrial Average was up 0.5 percent at 47,322.63.
Wall Street mixed as investors assess economic data
The broad-based S&P 500 also advanced 0.5 percent to 6,800.31, while the tech-rich Nasdaq Composite index rose 0.7 percent to 23,177.12.
“The market’s bouncing back from deeply oversold levels,” said Adam Sarhan of 50 Park Investments.
Recent data “leaves the door open for the Fed to cut, and for now, that’s bullish” for stocks, Sarhan said.
Among individual companies, computer and printer maker HP Inc. rose 0.5 percent after announcing it would eliminate about 10 percent of its workforce globally as it pivots toward artificial intelligence to boost efficiency.
Deere & Company fell 5.1 percent after reporting a drop in fourth-quarter profit and projecting a fall in 2026 income compared with 2025.
CEO John May said the company believes 2026 “will mark the bottom of the large ag cycle,” referring to cyclical trends that affect demand for Deere’s agricultural products.
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