Wall Street starts the day sharply higher led by energy and financials

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After struggling to find direction on Monday and closing the day relatively close to their opening levels, major equity indexes in the U.S. started the day on a strong note on Tuesday boosted by decisive gains witnessed in several major sectors. As of writing, the Dow Jones Industrial Average and the Nasdaq Composite were both adding 1% on the day while the S&P 500 was rising 0.85%.

Supported by a strong rebound in crude oil prices, the S&P 500 Energy Index is rising 1.5% today to lead the gains. Furthermore, the rate-sensitive S&P 500 Financials is taking advantage of the rising T-bond yields and adding 1.4% on a daily basis. The CBOE Volatility Index, Wall Street’s fear gauge, is losing nearly 5% on the day to reflect improved market sentiment. The so-called defensive sectors, utilities and real estate, are struggling to find demand and stay in the negative territory in the early trade.

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