S&P 500 Index opens modestly higher following Tuesday's rally

Wall Street's main indexes continue to push higher on Wednesday.
Energy shares post strong gains on recovering crude oil prices.
Healthcare Index edges lower after the opening bell.

Eren Sengezer FXStreet

After posting impressive gains and erasing the majority of Monday's losses on Tuesday, major equity indexes in the US opened modestly higher on Wednesday. As of writing, the S&P 500 was up 0.47% on the day at 4,343, the Dow Jones Industrial Average was rising 0.6% at 34,730 and the Nasdaq composite was gaining 0.2% at 14,528.

Among the 11 major S&P 500 sectors, the Energy Index is rising 2.55% supported by a more-than-4% rebound witnessed in US crude oil prices.

On the other hand, the Healthcare Index is the only major sector trading in the negative territory after the opening bell, down 0.5%.

Wake Up Wall Street (SPX) (QQQ): Buying the dip, any dip, still works.

"Markets proved once again that buying the dip is the only show in town for 2021 with a strong recovery across global equity markets," notes FXStreet Stocks Analyst Ivan Brian. "Fears over the Delta covid variant have not gone away as the WHO says we are at the beginning of another wave, but investors hope that at least in developed economies high vaccination rates will be enough to keep things booming."

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.

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