S&P 500 Index opens modestly higher, tests 4,300
|- Wall Street's main indexes opened near Monday's closing levels.
- Energy shares rebound sharply as crude oil prices gain traction.
- Investors await CB Consumer Confidence Index data for June.
Major equity indexes in the US opened in a relatively quiet manner on Tuesday as investors await the Conference Board's June Consumer Confidence Index data. As of writing, the S&P 500 Index was at a new all-time high of 4,298, rising 0.15% on the day, the Dow Jones Industrial Average and the Nasdaq Composite were unchanged at 34,289 and 14,500, respectively.
Among the 11 major S&P 500 sectors, the Energy Index is the best performer after the opening bell, rising 0.85% on the back of a 1.3% increase witnessed in US crude oil prices. On the other hand, the Utilities Index is down 0.2%.
Credit Suisse analysts think that the S&P 500 could target 4,350 in the near term. "The S&P 500 has moved beyond 4286 as expected, with the market reaching Fibonacci projection resistance at 4291," analysts explained. "Given the improving short-term momentum and recent tick higher in volume, we look for a break above here to open up our 4350 next core objective. We would then look for a fresh phase of consolidation to emerge here."
S&P 500 Index set to reach the 4,350 level – Credit Suisse.
S&P 500 chart (daily)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.