Summary
Stocks edged higher on Tuesday morning, led by gains in the Financial and Consumer Discretionary sectors. The World Bank issued mixed forecasts for the global economy. It expects global GDP to increase 2.1% this year, up from its prior forecast of 1.7% but down from 3.1% growth in 2022. The revision included a higher growth forecast for the U.S., to 1.1% from 0.5%, and for China, to 5.6% from 4.3%. At the same time, the bank cut its global growth forecast for 2024 to 2.4% from 2.7%. The Dow was flat, the S&P rose 0.2%, and the Nasdaq rose 0.3%. Crude oil traded near $72 per barrel, while gold rose slightly to $1975 per ounce.
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