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Wall Street Ticks Upward After Upbeat Economic Data, Recovery in Mega-caps

This occurred despite the Fed's interest rate hikes

On Tuesday, U.S. stock indexes rose, as mega-cap stocks recovered and upbeat capital goods orders data allayed concerns about a slowing U.S. economy in the face of Federal Reserve's aggressive interest rate hikes.

A Commerce Department report showed orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, increased 0.7 percent in May, while economists polled by Reuters had forecast orders would remain unchanged.

New home sales and consumer confidence data are due later in the day.

Please select this link to read the complete article from Reuters.

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