- The major Wall Street indices rebound strongly at the open on Friday.
- Buying on the dips appears to be the main catalyst behind the bullish tone in stocks.
- Will Thursday’s bear gap close?
Taking a positive advantage of futures linked to US indices, Wall Street Friday begins with a firm tone, with the possibility of closing the bearish gap on Thursday.
Major equity indices rallied strongly amid a widespread recovery in risk sentiment. Investors turned to bargain hunting, in light of Thursday’s steep slide, the worst day of the year for US stocks.
At time of writing, the S&P 500 was up 0.61% on the day to 4,348, quickly approaching all-time highs of 4,361.88. The Dow Jones Industrial Average is up 0.92% to 34,737 and the Nasdaq Composite is up 0.17% to 14,582.
Wall Street stocks fell on Thursday, drifting away from the records, as concerns about the Delta variant of the coronavirus exacerbated concerns about global growth.
Later in the day, the Fed’s Monetary Policy Report will be watched amid the lack of top-tier US economic news.
S&P 500 daily chart
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