Wall Street is ticking towards a record following some better-than-expected updates on the economy and a mixed set of profit reports from big US companies.
The S&P 500 was up 0.5 per cent in afternoon trading and on track to top its all-time high set a week ago. The Dow Jones was up 252 points, or 0.6 per cent, in mid-afternoon trade, and the Nasdaq composite was adding 0.8 per cent to its record set the day before.
Wall Street remains near record highs in the face of Trump’s ongoing trade wars.Credit: Bloomberg
The Australian sharemarket is set to rise on Friday, after the ASX added 0.9 per cent on Thursday, closing at a record high after the unemployment rate rose to its highest level in nearly four years, increasing the odds of an interest rate cut.
Wall Street trading was calmer than on Wednesday, when President Donald Trump jolted financial markets by saying he had discussed the “concept” of firing the chair of the Federal Reserve but was unlikely to do so.
Such a move could help Wall Street get the lower interest rates it desires but would also risk a weakened Fed unable to make the unpopular moves needed to keep inflation under control.
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