S&P 500 Index opens decisively higher, approaches 3,400

Wall Street's main indexes opened sharply higher on Thursday.
S&P 500 Index (SPX) looks to test 3,400.
Technology and financial shares fuel the early rally.

Eren Sengezer FXStreet

Boosted by stimulus hopes, major equity indexes started the month of October on a strong footing. As of writing, the S&P 500 was up 1% on the day at 3,395, the Dow Jones Industrial Average was gaining 0.9% at 28,017 and the Nasdaq Composite was rising 1.3% at 11,312.

Among the 11 major S&P 500 sectors, the risk-sensitive Technology Index is up 1.4% as the best performer in the early trade. On the other hand, energy shares lag with the Energy Index losing 0.9% after the opening bell.

Earlier in the day, the data published by the US Bureau of Economic Analysis showed that Personal Income in August declined by 2.7%. On a positive note, Personal Spending in the same period rose by 1% and the weekly Initial Jobless Claims fell by 36K to 837K in the week ending September 26th.

S&P 500 chart (daily)

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD remains bid, focus stays on 1.1900

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GBP/USD sticks to the bid bias, still below 1.3700

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Gold recedes slightly, trades below $5,100

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