Wall Street extends recovery led by decisive gains in energy shares
- Rising crude oil prices lift energy shares on Tuesday.
- CBOE Volatility Index drops 3% to reflect upbeat market sentiment.
- All 11 major sectors of the S&P 500 are in positive territory in early trade.
After adding more than 1% on Monday, major equity indexes on Tuesday started the day modestly higher as the lack of major headlines surrounding the US-China trade conflict allows investors to capitalize on the upbeat market sentiment with the CBOE Volatility Index, Wall Street's fear gauge, falling 3% on the day.
As of writing, the Dow Jones Industrial Average was up 0.58% on the day while the S&P 500 and the Nasdaq Composite were rising 0.62% and 0.78%, respectively.
Supported by rising crude oil prices, the S&P 500 Energy Index is up nearly 1% on the day to lead the gains alongside the Materials Index, which is also adding around 1%. Meanwhile, all 11 major sectors of the S&P 500 are trading in the positive territory in the early trade to confirm the risk-on mood.
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.
