S&P 500 Index opens sharply higher above 3,600 boosted by energy stocks

• Wall Street’s main indexes opened in the positive territory on Tuesday.
• Energy stocks register impressive gains on surging crude oil prices.
• S&P 500 Technology Index posts small losses in early trade.

Major equity indexes started the second day of the week decisively higher as risk flows continue to dominate the financial markets. Reflecting the upbeat market mood, the CBOE Volatility Index (VIX), Wall Street’s fear gauge, is down more than 2% on the day.

As of writing, the S&P 500 was up 0.6% at 3,601, the Dow Jones Industrial Average was gaining 0.9% at 29,8585 and the Nasdaq Composite was rising 0.1% at 11,915.

Among the 11 major sectors, the Energy Index is up 3.2% fueled by a 3% gain witnessed in crude oil prices. Moreover, the Financials Index is up 1.7% on the back of a more-tan-1% increase in the 10-year US Treasury bond yield. On the other hand, the Technology Index was down 0.07% as the underperformed in the early trade. 

Later in the session, the Conference Board’s Consumer Confidence Index will be watched closely by the market participants.