- The main Wall Street indices started the week stronger.
- Rising crude prices lifted energy stocks on Monday.
- The optimism of the coronavirus vaccine helps market sentiment remain optimistic.
The major stock indices in the US started on the first day of the week in positive territory fueled by renewed optimism for the coronavirus vaccine. At time of writing, the S&P 500 was up 0.6% on the day at 3,578, the Dow Jones Industrial Average was up 0.66% at 29,547 and the Nasdaq Composite was up 0.58% at 11,924.
Earlier in the day, AstraZeneca announced that the vaccine they have been developing with the University of Oxford showed an average efficacy of 70% in protecting against coronavirus.
Meanwhile, the Wall Street Journal reported Monday that the White House planned to form an alliance with other countries to retaliate when China uses its trade power to exert coercion. Investors might consider taking a step back if geopolitical tensions between the United States and China rise after this development.
Among the top 11 sectors in the S&P 500, the Energy Index has risen 2% supported by the 1% rise in crude oil prices. On the other hand, the consumer staples index is gaining only 0.05%.
S&P 500 chart (daily)
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