Wall Street opens modestly higher boosted by telecom and energy
- DJIA and S&P 500 touch new all-time highs at the opening bell.
- Telecom and energy sectors provide fuel to Wall Street.
Major equity indexes started the last day of the week on a positive note and the Dow Jones Industrial Average and the S&P 500 both touched new record highs supported by the strong performance of European stocks.
Despite the Brexit headlines that triggered a heavy GBP sell-off in the last hour, the UK's FTSE is looking to end the day around 1.6% higher while Germany's DAX is adding 0.6%.
During the early session, the S&P 500 Telecom Services Index outperforms other major sectors with a 1.5% gain. Additionally, with the West Texas Intermediate rising above the $71 mark with a 1.3% gain on the day, the S&P 500 Energy Index is adding 0.6% to boost the major indexes.
As of writing, the Dow Jones Industrial Average was up 75.28 points, or 0.28%, at 26,723.26, the S&P 500 was adding 8.5 points, or 0.3%, to 2,939.31, and the Nasdaq Composite was gaining 16.26 points, or 0.2%, to 8,044.49.
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.
