- The major Wall Street indices opened near Monday’s closing levels.
- Energy stocks rebound sharply as crude oil prices gain traction.
The major stock indices in the US they opened relatively quietly on Tuesday. At time of writing, the S&P 500 Index was at a new all-time high of 4,298, up 0.15% on the day, the Dow Jones Industrial Average and Nasdaq Composite were unchanged at 34,289 and 14,500, respectively.
Among the top 11 sectors in the S&P 500, the Energy Index is the best performer after the opening bell, rising 0.85% due to the 1.3% rise in US crude oil prices. On the other hand, the public services index is down 0.2%.
Credit Suisse analysts believe the S&P 500 could target 4,350 in the near term. “The S&P 500 has moved past 4286 as expected, with the market reaching Fibonacci projection resistance at 4,291,” analysts explained. “Given the improved near-term momentum and the recent surge in volume, we are looking for a breakout above here to open our next core target of 4,350. We would then look for a new phase of consolidation to emerge here.”
S&P 500 chart (daily)
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