S&P 500 Index off to a flying start, set to close Thursday’s bearish gap

• Wall Street's main indexes rebound firmly at Friday open.
• Dip buying seems to be the main catalyst behind the jump.
• Will it close Thursday’s bearish opening gap?

Taking a positive lead from the futures tied to the US indices, Wall Street kicks off Friday on a strong note, chewing into Thursday’s bearish opening gap.

Major equity indexes rebounded firmly amid a generalized recovery in the risk sentiment. Investors resorted to bargain hunting, in light of Thursday’s worst fall so far this year.

As of writing, the S&P 500 jumps 0.61% on the day to 4,348, fast approaching record highs of 4,361.88. The Dow Jones Industrial Average is up 0.92% at 34,737 and the Nasdaq Composite is rising by 0.17% to 14,582.

Wall Street stocks dropped Thursday, pulling back from records as worries about the Delta variant of the coronavirus exacerbated global growth concerns.

Later in the day, the Fed’s Monetary Policy Report will be eyed amid a lack of first-tier US economic news.

S&P 500 daily chart