Wall Street extends rally, opens higher for the third straight day
Boosted by the sharp rebound witnessed in global equity indexes and trade optimism, major equity indexes in the U.S. started the day in the positive territory on Tuesday. As of writing, the Dow Jones Industrial Average was up 1.2% on the day while the S&P 500 and the Nasdaq Composite were adding 1.05%, and 1.22%, respectively.
Earlier today, Bloomberg reported that China made large purchases of soybeans from the United States as officials of two countries continue their talks on trade. Moreover, U.S. President Donald Trump in a tweet, once again, said that trade talks with China were going very well.
All 11 major S&P 500 sectors are recording gains in the early trade with trade-sensitive industrials leading the rally by rising nearly 1.6%. Defensive sectors, on the other hand, are underperforming on Tuesday with the utilities index adding only 0.15%.