Wall Street gains traction, closes higher on improved sentiment
|- Tech leads the way on the back of Google and Facebook.
- CBOE Volatility Index drops more than 7%.
- Oil recovery lifts energy shares.
Major equity indexes in the United States closed the day with gains on Thursday as investors stopped speculating on the potential impact of the tax bill on different sectors. "It's really going to be the last minute before you really know what's in that tax bill, but something will pass," Stephen Massocca, Senior Vice President at Wedbush Securities in San Francisco, told Reuters.
The CBOE Volatility Index, Wall Street's fear gauge, fell more than 7% on the day. The risk sensitive-technology sector took advantage of the improved sentiment with Facebook and Google shares earning more than 1.5% on a daily basis. The S&P 500 Information Technology Sector (SPLRCT) finished the day 0.65% higher, becoming the top performing sub-index on Thursday.
In the meantime, after losing more than $2 in the last two days, the barrel of West Texas Intermediate staged a recovery today and closed the day 1.2% higher, lifting the S&P 500 Energy Sector (SPNY) to 505.47 points at the end of the day, where it was up 0.3%. The S&P 500 Financials Sector (SPSY) also added 0.3% on the day, bringing the total gains since the beginning of the year up to 20%.
The Dow Jones Industrial Average added 70.55 points, or 0.29%, to 24,211.46, the S&P 500 rose 7.77 points, or 0.3%, to 2,636.98 and the Nasdaq Composite gained 37.32 points, or 0.55%, to 6,812.84.
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.