Wall Street opens decisively higher on Tuesday
After recording their lowest daily close of the year on Monday, major equity indexes in the U.S. started the day strongly higher on Tuesday led by sharp gains in the industrials and materials. As of writing, the Dow Jones Industrial Average was up 0.92%, the S&P 500 and the Nasdaq Composite were both adding 0.7% on the day.
Out of the 11 S&P 500 major sectors, Industrials, Materials, Consumer Discretionary, and Technology all gain more than 1% in the early trade. On the other hand, falling crude oil prices continue to weigh on the S&P 500 Energy Index and forces it to stay in the negative territory.
Meanwhile, today's data from the U.S. showed that both housing starts and building permits rebounded in November following October's decline. With today's data out of the way, investors are now waiting for tomorrow's critical Fed announcements. Earlier in the session, US President Trump criticised the Fed's policy stance in yet another tweet. "I hope the people over at the Fed will read today’s Wall Street Journal Editorial before they make yet another mistake. Also, don’t let the market become any more illiquid than it already is. Stop with the 50 B’s. Feel the market, don’t just go by meaningless numbers. Good luck!" Trump said.