S&P 500 climbs to highest level since late February fueled by surging energy shares

• S&P 500 preserves bullish momentum, closes in on 3,300.
• S&P 500 Energy Index is up more than 4% on rising crude oil prices.
• All major sectors of S&P 500 trade in positive territory on Tuesday.

Wall Street's main indexes started the second day of the week in the positive territory as risk-on flows continue to dominate financial markets. Reflecting the upbeat market mood, the CBOE Volatility Index, Wall Street's fear gauge, is down nearly 2% on the day. 

As of writing, the S&P 500 was trading at its highest level since February 21st at 3,272, gaining 0.65% on a daily basis. Meanwhile, the Dow Jones Industrial Average is up 1.11% at 26,973 and the Nasdaq Composite is virtually unchanged at 10,774.

Among the 11 major S&P 500 sectors, the Energy Index is up 4.55% on the day as the best-performer. A more-than-4% upsurge witnessed in US crude oil prices seem to be fueling energy shares' rally. On the other hand, the Consumer Discretionary Index is gaining only 0.1%.

S&P 500 chart (daily)