- Energy shares continue to capitalize on rising crude oil prices.
- Industrial Production in US rebounds following October’s contraction.
- Sharp fall in Boeing shares cap gains in early trade.
After closing the last four trading days in the positive territory and reaching fresh all-time highs, Wall Street’s main indexes started the second day of the week slightly higher. As of writing, the Dow Jones Industrial Average and the S&P 500 were both up 0.06% on the day while the Nasdaq Composite was virtually unchanged at 8,752.45 points.
The data published by the Federal Reserve on Tuesday showed that both Industrial Production and Manufacturing Production in the US expanded at a more robust pace than expected in November to ease concerns over a protracted weakness in the manufacturing sector.
However, the S&P 500 Industrials Index, which was last up 0.1% on the day, struggled to capitalize on the upbeat data after Boeing shares suffered heavy losses on reports revealing that the company will suspend the production of its troubled 737 Max jet next month.
On the other hand, with the barrel of West Texas Intermediate advancing to its highest level since mid-September at $60.75, the Energy Index is adding 0.7% on the day to outperform other major sectors in the early trade.
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