Wall Street opens sharply higher boosted by tech shares
- FAANG group outperforms on Tuesday to lift the technology sector.
- Hopes of a dovish Fed tone help stocks gain traction.
Major equity indexes in the U.S. started the day sharply higher on Tuesday boosted by the upbeat performance of European stocks and decisive gains seen in the tech shares. 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 0.85% and 1.45%, respectively.
In addition to fueling European stocks' rally, European Central Bank President Draghi's comments about the possibility of further rate cuts revived hopes of the Fed adopting a dovish tone tomorrow and helped Wall Street stage today's impressive start.
Among the 11-major S&P 500 sectors, which are all in the positive territory in the early trade, the Communication Services and the Technology indexes are adding 1.7% and 1.6%, respectively, to lead the gains as members of the FAANG (Facebook, Apple, Amazon, Netflix, Google) group all rise more than 1%.
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