Wall Street opens higher led by sharp gains in energy shares

Energy shares lead US major equity indexes to notable gains in the early US session.
WTI oil barrels rise above $53 and trigger big gains in the S&P500 Energy Index.

Eren Sengezer FXStreet

Major equity indexes in the U.S. started the day in the positive territory on Thursday supported by decisive gains witnessed in energy shares. As of writing, the Dow Jones Industrial Average was up 0.35% on the day while the Nasdaq Composite and the S&P 500 were adding 0.75% and 0.45%, respectively.

Following the reports oil tanker attacks in the Gulf of Oman earlier today, crude oil prices gained traction with the barrel of West Texas Intermediate rising above the $53 handle with a daily gain of nearly 4%. Boosted by surging oil prices, the S&P 500 Energy Index rose sharply in the early trade and was last up 1.23% on the day to lead the gains.

On the other hand, the Healthcare Index and the Consumer Staples Index are both losing around 0.25% to limit the upside for the time being.

Earlier today, the data published by the U.S. Bureau of Labor Statistics showed that import and exports prices declined in April but was largely dismissed by the investors.

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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