Wall Street closes substantially higher led by energy
|- The two-day slide comes to an end on Thursday.
- Wall Street opens higher, surges to record highs.
- Crude oil rally lifts energy shares higher.
Following the two-day long corrective drop, major equity indexes in the United States started the day on a strong note on Thursday and advanced to fresh all-time highs.
Crude oil's unstoppable rally boosted energy shares today, lifting the S&P 500 Energy Sector (SPNY) more than 2% higher. Earlier in the session, the barrel of West Texas Intermediate surged to its highest level in more than three years at $64.75 before closing the day with small losses on profit-taking.
Commenting on today's market action, “the unifying factor of today’s move and this whole week is a heightened confidence in the pace of economic activity. That helps explain the demand picture which has oil up at $70,” Scott Clemons, chief investment strategist at Brown Brothers Harriman, in New York, told Reuters.
Boosted by the positive market sentiment, the S&P 500 Information Technology Sector (SPLRCT) and the S&P 500 Financials Sector (SPSY) both closed the day 0.5% higher.
At the end of the day, the financial-heavy Dow Jones Industrial Average was up 204.16 points, or 0.8%, at 25,573.29, the S&P 500 added 19.22 points, or 0.7%, at 2,767.45 and the Nasdaq Composite gained 19.22 points, or 0.7%, at 7,210.01.
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.