NEW YORK, Oct. 12 (Xinhua) — U.S. stocks opened modestly higher on Tuesday.
The Dow Jones Industrial Average rose 23.90 points, or 0.07 percent, to 34,519.96. The S&P 500 added 5.24 points, or 0.12 percent, to 4,366.43. The Nasdaq Composite Index increased 40.13 points, or 0.28 percent, to 14,526.33.
All the three major indexes struggled for direction shortly after the opening bell, wobbling between small gains and losses.
Nine of the 11 primary S&P 500 sectors advanced in morning trading, with consumer discretionary and energy up 0.8 percent and 0.6 percent, respectively, outpacing the rest. The communication services and the health care sectors struggled.
The above market reactions came as the International Monetary Fund cut its outlook for global growth.
The IMF on Tuesday projected that the global economy would grow by 5.9 percent in 2021, down by 0.1 percentage points from July’s forecast, according to the latest World Economic Outlook.
Investors are also awaiting earnings reports, with plenty of big-name banks and financial companies on deck to report this week.
On Monday, U.S. stocks closed lower with the Dow down 250 points.