Wall Street today: US stocks edge higher, commodity shares get boost from China stimulus | Stock Market News

US stock indices edged higher on Tuesday, with commodity shares gaining after China unveiled a bumper stimulus package.

China’s central bank on Tuesday announced a broad set of changes to bolster its economy, including a cut in slew of rates.

As of 9:35 a.m. Eastern time, the S&P 500 was 0.1 per cent higher, the Dow Jones Industrial Average was up 0.2 per cent, and the Nasdaq Composite was 0.2 per cent higher.

At the opening bell, the Dow Jones Industrial Average rose 110.3 points, or 0.26 per cent, to 42234.99. The S&P 500 rose 9.1 points, or 0.16 per cent, to 5727.66, while the Nasdaq Composite rose 72.2 points, or 0.40 per cent, to 18046.442.

In the bond market, Treasury yields ticked higher. The 10-year yield rose to 3.78 per cent from 3.75 per cent late on Monday. The 2-year yield was steady at 3.59 per cent.

Crude oil

Oil prices jumped more than 2 per cent on Tuesday on news of monetary stimulus from China.

Brent crude futures were up $1.79, or 2.4 per cent, at $75.69 a barrel by 1320 GMT. US WTI crude futures rose $1.87, or 2.7 per cent, to $72.24. 

Bullion

Gold prices surged to a record high on Tuesday on US rate cut momentum and China stimulus measures.

Spot gold rose 0.2 per cent to $2,633.25 per ounce by 1100 GMT after hitting a record of $2,639.95 earlier in the day. US gold futures gained 0.2 per cent to $2,657.90.

Spot silver rose 0.7 per cent to $30.87.