Wall Street opens higher following Friday's sharp drop
- US stocks rebound sharply after suffering heavy losses last week.
- Energy shares underperform despite hopes of deeper output cuts.
After posting their largest daily percentage losses in more than four months on Friday, Wall Street's main indexes started the new week on a strong footing as investors are hoping for the impact of the coronavirus outbreak on the global economy to stay limited. As of writing, Dow Jones Industrial Average was up 0.7% on the day while the S&P 500 and the Nasdaq Composite were adding 0.75% and 1%, respectively.
Energy shares continue to fall
Among the 11 major S&P 500 sectors, the Financials Index is up around 1% supported by a 2% increase in the yield on the 10-year US Treasury bond. The Communication Services and the Healthcare indexes are both adding more than 1% to lead the rally on Monday.
On the other hand, the Energy Index is down 0.7% despite reports suggesting that the OPEC+ could deepen its oil output cut by 500K barrels per day to counter the weaker demand amid the coronavirus.