S&P 500 Index opens modestly higher, remains below 3,300

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  • The major Wall Street indices opened mixed on Thursday.
  • Data from the US showed a strong rebound in economic activity in the third quarter.
  • The fall in oil prices continues to weigh heavily on energy stocks.

The main US stock indices opened mixed on Thursday after bullish macroeconomic data released in the US At time of writing, the S&P 500 was up 0.35% on the day to 3,282, the Dow Jones Industrial Average was down 0.17% to 26,477 and the Nasdaq Composite rose 0.8% to 11,234.

The advance estimate released by the US Bureau of Economic Analysis on Thursday showed that real Gross Domestic Product (GDP) in the third quarter grew 33.1% on an annual basis. Other data from the US revealed that initial jobless claims decreased by 40,000 to 751,000 in the week ending October 24.

Among the top 11 sectors in the S&P 500, the Energy Index is down 1.6% on the day as the worst performance pressured by a more than 5% drop witnessed in crude oil prices.

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Credits: Forex Street

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