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


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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