US stocks edge up as market weighs Fed rate hike chance
NEW YORK - Wall Street stocks pushed narrowly into positive territory early Monday as buy-the-dip sentiment competed with worries that the Federal Reserve could soon hike interest rates.Leading markets in Europe and Asia fell more than one percent after two Fed officials on Friday suggested the US central bank could lift rates as soon as this month.US stocks also opened lower, but soon went positive, suggesting some investors seized a buying opportunity after Wall Street equities shed more than two percent on Friday.About 35 minutes into trade, the Dow Jones Industrial Average stood at 18,092.47, up less than 0.1 percent.The broad-based S&P 500 rose 0.2 percent to 2,131.11, while the tech-rich Nasdaq Composite Index gained 0.3 percent to 5,140.85.Canada’s Potash Corp. rose 0.5 percent while Agrium Inc. lost 1.1 percent after the two fertilizer companies agreed to merge in an all-stock transaction. The new company will be based in Saskatchewan province, 52-percent owned by Potash shareholders, with Agrium owners holding 48 percent.Perrigo rose 3.7 percent after activist fund Starboard Value announced it took a 4.6 percent stake in the maker of the over-the-counter medicine. Starboard called for changes to "reverse the trajectory of poor operating and financial performance" at Perrigo.HP Inc. rose 1.1 percent following an announcement that it agreed to buy Samsung Electronic’s printer business for $1.05 billion.Tesla Motors rose 1.7 percent after announcing that it upgraded its Autopilot software to use more advanced radar technology.Industrial gas company Praxair dipped 0.3 percent after it said it ended merger talks with German company Linde AG.Dow member Wal-Mart Stores rose 1.1 percent following an upgrade by Cowen and Co.
The Nation Tuesday 13th September, 2016