On Tuesday, Wall Street opened higher for the first time in three days as a increase in technology stocks helped offset losses in energy shares. However, oil prices dropped 2.8 percent to $46.05 as hopes for a deal to freeze output faded. The S&P 500 energy index declined 1.22 percent. With just six weeks until Election Day, a number of investors see a coin-flip contest creating volatility in different sectors, including health insurers, drug makers and industrials. Investors are taking in Hillary Clinton’s evident win over Donald Trump in Monday’s first presidential debate. Clinton is viewed as the candidate of the status quo, while few are sure what a Trump presidency might mean for U.S. foreign policy, international trade deals or the domestic economy.
“Volatility is going to be the norm, not the exception over the next several weeks,” stated Art Hogan, chief market strategist at Wunderlich Equity Capital Markets.
At 9:44 a.m. EDT the Dow Jones industrial average gained 25.03 points, or 0.14 percent, at 18,119.86. The S&P 500 advanced 1.86 points, or 0.09 percent, at 2,147.96. Six of its 11 major indexes increased. The Nasdaq Composite increased 10.69 points, or 0.2 percent, at 5,268.19.
Investors will be closely watching a speech by Federal Reserve Vice Chairman Stanley Fischer for hints on the timing of the next interest rate hike. Fischer, who has taken a hawkish position on interest rates, is scheduled to speak at Howard University at 11:15 a.m. ET. Declining issues outnumbered advancing ones on the NYSE by 1,326 to 1,276. On the Nasdaq, 1,246 issues increased and 957 dropped. The S&P 500 index displayed one new 52-week highs and one new lows, while the Nasdaq reported 19 new highs and 11 new lows.