Wall Street extends rally, looks to close August on a strong note
- Wall Street's main indexes extend rebound on Friday.
- Industrial and material shares lead winners in early trade.
- Defensive sectors stay in negative territory amid strong risk appetite.
Major equity indexes in the US started the last day of the month in the positive territory as investors continue to price the rising hopes of the US and China reaching a trade deal before allowing the conflict to escalate any further.
As of writing, the Dow Jones Industrial Average and the S&P 500 were both up 0.5% on the day while the Nasdaq Composite was adding 0.4%. On a weekly basis, these three indexes are all set to gain more than 3% to post their largest weekly gains since the first week of June.
Among the 11-major S&P 500 sectors, the trade-sensitive Materials and Industrials both rise around 1% to lead the rally while the defensive sectors, Real Estate and Utilities post small losses to confirm the upbeat market sentiment.
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.
