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5 Feb 2020

Wall Street opens sharply higher led by energy shares

  • Energy Index gains nearly 2% on Wednesday on rising crude oil prices.
  • Defensive sectors underperform amid upbeat market mood.

Wall Street's main indexes opened the day sharply higher on Wednesday boosted by the strong risk appetite amid heightened hopes of a possible breakthrough in coronavirus treatment. Additionally, the ADP Employment Change registered its highest reading since May 2015 at 291,000 to provide an additional boost to market sentiment.

Energy shares lead the rally

As of writing, the Dow Jones Industrial Average was up 1% on the day while the S&P 500 and the Nasdaq Composite were adding 0.8% and 0.7%, respectively.

Among the 11-major S&P 500 Sectors, the Energy Index is up 2.2% on the day supported by a 4% recovery witnessed in crude oil prices.

On the other hand, defensive sectors, Utilities and Real Estate, are posting modest daily losses to reflect the upbeat market mood, which could also be seen in the 3% drop in the CBOE Volatility Index.

Feb 5, 2020

EUR/USD: Dollar fueled by upbeat ADP – Bednarik

Mixed economic data from the European Union and US ADP beating the forecasts of private jobs creation have sent the pair to the brink of 1.1000. EUR/U
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Feb 5, 2020

United States Markit PMI Composite came in at 53.3, above forecasts (53.1) in January

United States Markit PMI Composite came in at 53.3, above forecasts (53.1) in January
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