S&P 500 Index opens higher supported by rising energy stocks

• Wall Street's main indexes started the week on a strong footing.
• Rising crude oil prices lift energy stocks on Monday.
• Coronavirus vaccine optimism helps market sentiment remain upbeat.

Major equity indexes in the US started the first day of the week in the positive territory boosted by renewed coronavirus vaccine optimism. As of writing, the S&P 500 was up 0.6% on the day at 3,578, the Dow Jones Industrial Average was gaining 0.66% at 29,547 and the Nasdaq Composite was rising 0.58% at 11,924.

Earlier in the day, AstraZeneca announced that the vaccine they have been developing with the University of Oxford showed an average efficacy of 70% in protecting against the coronavirus. 

Meanwhile, the Wall Street Journal reported on Monday that White House was planning to form an alliance with other countries to retaliate when China uses its trading power for coercion. Investors could look to take a step back if the US-China geopolitical tensions escalate after this development.

Among the 11 major S&P 500 sectors, the Energy Index is up 2% supported by the 1% increase seen in crude oil prices. On the other hand, the Consumer Staples Index is gaining only 0.05%.

S&P 500 chart (daily)