Wall Street edges up, led by financials, energy


A Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2021. REUTERS/Brendan McDermid/File Photo

Wall Street’s main indexes edged higher on Tuesday, with gains in energy and financial shares countering declines in tech and healthcare, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation.

The S&P 500 financial sector (.SPSY) hit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector (.SPNY) over 3%. The heavyweight tech sector (.SPLRCT) dipped while healthcare (.SPXHC) was dragged down by a weak profit forecast from Abbott Laboratories (ABT.N).

Data showed U.S. manufacturing activity picked up in May as pent-up demand in a reopening economy boosted orders. But unfinished work piled up because of shortages of raw materials and labor.

“The economy certainly is growing and that’s a positive, and again it’s a positive for the…

Read more…