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  • S&P 500 Energy Index surges by 4% on oil recovery.
  • Nasdaq Composite gains more than 1%, turns positive for the year.
  • CBOE Volatility Index drops 7.6% as risk-on flows dominate.

Major equity indexes opened the day decisively higher as risk rally remains intact on prospects of the economy reopening. Reflecting the upbeat sentiment, the CBOE Volatility Index, Wall Street’s fear gauge, is down 7.6% on the day.

Nasdaq Composite pares 2020’s losses

As of writing, the Dow Jones Industrial Average and the S&P 500 were both up 1.3% and the Nasdaq Composite, which is now in the positive territory for the year, was gaining 1.2%.

Among the 11 major S&P 500 sectors, the Energy Index is up 4% as the top-performer supported by a 6.9% increase in West Texas Intermediate prices. On the other hand, the Consumer Staples Index was underperforming by a daily increase of only 0.15%.