Wall Street opens sharply higher for second straight day led by energy shares

S&P 500 Energy Index gains more than 6% on Monday.
Slowdown in rate of new coronavirus infections and deaths keep sentiment upbeat.
White House economic adviser Kudlow says administration is internally planning reopening of economy.

Eren Sengezer FXStreet

After closing the first trading day of the week with strong gains, Wall Street's main indexes opened sharply higher on Tuesday boosted by the upbeat market mood on an apparent slowdown in the rate of new coronavirus infections and fatalities. As of writing, the Dow Jones Industrial Average was up 3.15% on the day while the S&P 500 and the Nasdaq Composite were adding 2.7% and 2%, respectively.

Energy shares continue to rise

Earlier in the day, White House economic adviser Larry Kudlow said the Trump administration was internally planning for the reopening of the economy and added that they were looking to do so as soon as health experts gave the green light.

Among the 11 major S&P 500 sectors, the Energy Index is up 6.4% on Tuesday to lead the rally. Meanwhile, boosted by a 9% increase in the 10-year US Treasury bond yield, the Financials Index is up 4.75% as the second-best performing sector.

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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