Wall Street Edges Higher on tech, housing Boost

US stocks rose modestly on Tuesday, as gains in the tech sector helped buoy the Nasdaq to a record intraday high and solid housing market data provided more evidence the economy may be picking up momentum. With the US earnings season winding down, investors are also turning their focus to the likelihood of an interest rate hike in the coming months. 

 

Federal Reserve Chair Janet Yellen's speech on Friday at Jackson Hole will be scrutinized for clues on the timing of a rate hike, especially after some Fed policymakers in recent days hinted at the possibility of a hike in the near-term. The meeting, which includes central bankers from across the world, will begin on Thursday and has traditionally been a platform for the Fed to signal the direction of monetary policy.Get live Nifty Future Tips News Updates visit us : http://www.ripplesadvisory.com/nifty-future-.php or Get Two Days Free Trial just on One Missed Call @98-27-80-80-90 

 

Data on Tuesday showed new US single-family home sales unexpectedly rose in July, reaching their highest level in nearly nine years as demand increased broadly, brightening the housing market outlook. The PHLX housing sector index rose 1.8 percent for its best daily performance in about six weeks.