Stocks Edge Higher in Early Trading
U.S. stocks edged higher in early trading on Tuesday as previous session’s record high close, a strong economic data from Germany and rally in Japan’s Nikkei 225 Index bolstered the sentiment.
At last check, the Dow Jones Industrial Average Index gained 0.20%; the NASDAQ Composite Index advanced 0.17% while the S&P 500 Index added 0.23%
Shares of Fossil Inc. (NASDAQ: FOSL) rallied in early trade after the fashion accessories maker reported better-than-expected fiscal first quarter results.
Shares of American International Group Inc. (NYSE: AIG) edged down in early trade after analysts at Goldman Sachs downgraded the stock to “neutral” from “buy”.
Shares of First Solar Inc. (NASDAQ: FSLR) fell in early trade after the solar panel makers reported weaker than expected non-GAAP earnings for the fiscal first quarter, late last evening; however, revenue edged past Street’s consensus estimate.
Elsewhere in Europe, all leading benchmark indexes traded sharply higher as the market sentiment was upbeat after the release of strong quarterly results from banking giants such as HSBC and Commerzbank. Better-than-expected German industrial orders data also boosted investors’ risk appetite. On Tuesday, an economic data survey showed that the industry orders rose 2.2% in February compared to 0.5% fall estimated by economists. The euro also rose sharply against the U.S. dollar.
In Japan, the benchmark Nikkei 225 closed 3.55% higher as investors, coming after 4-day long weekend, increased their exposure to equities amid weakening yen due to BOJ’s extremely accommodating monetary policy and rally in U.S. equity markets.
The U.S. economic calendar is light on Tuesday with just consumer credit report for the month of March due at 3:00 p.m. EST.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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