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U.S. stocks edge higher as financials sector rallies

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NEW YORK, Aug. 25 (Xinhua) — U.S. stocks eked out modest gains on Wednesday, bolstered by strength in the financials sector.

The Dow Jones Industrial Average increased 39.24 points, or 0.11 percent, to 35,405.50. The S&P 500 rose 9.96 points, or 0.22 percent, to 4,496.19. The Nasdaq Composite Index was up 22.06 points, or 0.15 percent, to 15,041.86.

Seven of the 11 primary S&P 500 sectors ended in green, with financials up 1.21 percent, leading the gainers. Health care slipped 0.26 percent, the worst-performing group.

U.S.-listed Chinese companies traded mostly higher with seven of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

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“Stocks have performed so well since last March because economic growth has surged, and the Federal Reserve has implemented policies that make access to capital very easy,” Chief Investment Officer Americas at UBS Global Wealth Management Solita Marcelli said in a note.

Investors are awaiting a key event of the U.S. central bank as Fed Chairman Jerome Powell is expected to give a speech virtually on Aug. 27 during the annual Jackson Hole economic policy symposium, which may offer further clues on the Fed’s taper plan.

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