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NEW YORK: Wall Street shares edged higher Tuesday to fresh 2009 highs after recovering from early profit-taking on economic growth and interest rate concerns.
The Dow Jones Industrial Average rose 30.46 points (0.29 per cent) in closing trades to 10,437.42 in a choppy session.
The tech-heavy Nasdaq composite added 5.93 points (0.27 per cent) to 2,203.78 while the Standard & Poor's 500 broad-market index climbed 1.01 points (0.09 per cent) to a provisional close of 1,110.31.
Investors locked in profits in early trading after data showed smaller-than-expected increases in industrial production and capacity utilisation, and key retail companies provided a cautious outlook despite better earnings.
Sentiment turned positive partly due to US dollar, which had been on a persistent slide amid concerns it could dampen the global economic recovery.
The upturn initially came "in the face of a stronger dollar," said analysts at Briefing.com in a note to clients.
Interest rate concerns dogged the market after a central bank official suggested that it was "far from clear" whether the Federal Reserve should use rates to stem a surge in financial leverage, urging more research into the issue.
Federal Reserve Bank of San Francisco President Janet Yellen said "higher rates than called for based on purely macroeconomic conditions may help forestall a potentially damaging buildup of leverage and an asset-price boom."
- AFP/yb
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