- The major Wall Street indices continue to rise on Wednesday.
- Energy stocks post strong gains on recovery in crude oil prices.
- The Health Index drops after the opening bell.
After posting impressive gains and erasing most of Monday’s losses on Tuesday, the main US stock indices they opened modestly higher on Wednesday. At time of writing, the S&P 500 was up 0.47% on the day to 4,343, the Dow Jones Industrial Average was up 0.6% to 34,730 and the Nasdaq Composite was up 0.2% to 14,528.
Among the top 11 sectors in the S&P 500, the Energy Index is rising 2.55% supported by a spike of more than 4% seen in US crude oil prices.
On the other hand, the Health Index is the only important sector that trades in negative territory after the opening bell, with a fall of 0.5%.
“Markets proved once again that buying on dips is the only show in town for 2021 with a strong rally in global equity markets,” notes FXStreet equity analyst Ivan Brian. “Fears about the Delta covid variant have not gone away as the WHO says we are at the start of another wave, but investors hope that at least in developed economies high vaccination rates will be enough to sustain the boom.”
S&P 500 chart (daily)