Wall Street is moving forward but oil still weighs – archyworldys

PARIS (Reuters) – The New York Stock Exchange moved higher Friday at the start of the session, supported by the rebound in large stocks that have suffered in recent days as the continued decline in oil prices weighs on the energy sector.

A few minutes after the start of trading, the Dow Jones index gained 72.65 points, or 0.21%, to 34,966.77, the Standard & Poor’s 500, larger, took 0.22% to 4,415.61 and the Nasdaq Composite rose 0.26% to 14,579.98 points.

Futures were on a downward trend at the start of the day but wiped out losses after Dallas Federal Reserve Chairman Robert Kaplan said the economic impact of the Delta variant of the coronavirus could influence his opinion on monetary policy.

The Dow and the S & P-500 are nevertheless heading towards their worst weekly performance since mid-June with respective declines of 1.6% and 1.2% while the Nasdaq is down 1.9%, the more marked since mid-May.

This downward movement is mainly due to the consequences of the spread of the Delta variant of the coronavirus around the world, which is fueling fears of a slowdown in the economic recovery, which is weighing in particular on oil prices: the S&P of the sector of energy (-0.51%) has lost more than 8% since the start of the week.

In the leading pack of the Dow Jones, Boeing takes 0.88% after falling nearly 11% over the previous five sessions.

In the news of the results, the giant of agricultural and construction machinery Deere & Co gained 1.61% after raising its annual profit forecast.

(Written by Marc Angrand, edited by Bertrand Boucey)