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  • Wall Street’s main indexes opened sharply higher on Thursday.
  • S&P 500 Index (SPX) looks to test 3,400.
  • Technology and financial shares fuel the early rally.

Boosted by stimulus hopes, major equity indexes started the month of October on a strong footing. As of writing, the S&P 500 was up 1% on the day at 3,395, the Dow Jones Industrial Average was gaining 0.9% at 28,017 and the Nasdaq Composite was rising 1.3% at 11,312.

Among the 11 major S&P 500 sectors, the risk-sensitive Technology Index is up 1.4% as the best performer in the early trade. On the other hand, energy shares lag with the Energy Index losing 0.9% after the opening bell.

Earlier in the day, the data published by the US Bureau of Economic Analysis showed that Personal Income in August declined by 2.7%. On a positive note, Personal Spending in the same period rose by 1% and the weekly Initial Jobless Claims fell by 36K to 837K in the week ending September 26th.

S&P 500 chart (daily)