- The major Wall Street indices opened higher on Wednesday.
- Risk sentiment improves on FOMC Chairman Powell’s remarks.
- Energy stocks rise as Saudi Arabia and the United Arab Emirates reportedly reach a compromise on production.
The major stock indices in the US They opened decisively higher on Wednesday as risk flows return to markets on prepared remarks from FOMC Chairman Jerome Powell. At time of writing, the Nasdaq Composite was up 0.55% to 14,756, the S&P 500, which posted a new high of 4,393, was up 0.5% to 4,391, and the Dow Jones Industrial Average was up 0.45% to 35,050.
While delivering the Fed’s semi-annual report to Congress, FOMC Chairman Powell said he is ready to ensure that monetary policy will continue to provide powerful support until the economic recovery is complete. In addition, Powell notes that the labor market is still a long way from the progress needed to begin phasing out bond purchases.
Among the top 11 sectors in the S&P 500, the Energy Index is up more than 1% as investors applaud a Reuters report that says Saudi Arabia and the United Arab Emirates reached a compromise on the oil production deal. On the other hand, the Health Index is the only major sector trading in negative territory after the opening bell.
S&P 500 chart (daily)
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