Featured # Markets | 2 years ago

Wall Street Gains Clinton Viewed as Winner of Second Debate

On Monday, U.S stocks gained among increases across most sectors, boosted by oil prices, and as Democrat Hillary Clinton were broadly viewed as the winner of the second presidential debate. A Clinton presidency would be more optimistic for the markets because her positions are better documented than those of her Republican rival Donald Trump, according to a poll. A CNN/ORC snap poll of debate spectators found that 57% thought Clinton won the debate, versus 34 percent for Trump.

Oil prices increased 2.8 percent and reached their one-year high as speculators hiked bets that prices would increase on the back of an agreement among OPEC producers to curb it record output levels.

“Investors will ponder the presidential debate and follow the events in the commodity markets, especially oil,” stated Peter Cardillo, chief market economist at First Standard Financial.

Investors are also preparing for the third-quarter earnings season, which unofficially begins on Tuesday.

“The markets seem to be looking for a repeat of last quarter, with most companies exceeding Street consensus but obviously on a scaled back earnings growth,” Cardillo added.

Earnings of S&P 500 companies are anticipated to fall 0.7 percent, according to data. The dollar .DXY, which has been swinging between gains and losses for the last five trading days, increased 0.2 percent versus a basket of major currencies. The pound dropped again on Monday. Next, the U.S. bond market was closed for the Columbus Day holiday.

At 9:39 a.m. ET (1339 GMT), the Dow Jones Industrial Average gained 127.61 points, or 0.7 percent, at 18,368.1. The S&P 500 increased 12.42 points, or 0.58 percent, at 2,166.16 and the Nasdaq Composite increased 34.29 points, or 0.65 percent, at 5,326.70.

Ten of the 11 major S&P 500 indexes were higher, led by a 1.36 percent rise in the energy sector. Telecom service providers were the lone losers. Advancing issues outnumbered decliners on the NYSE by 2,314 to 369. On the Nasdaq, 1,795 issues increased and 426 dropped. The S&P 500 index reported 15 new 52-week highs and one new lows, while the Nasdaq recorded 56 new highs and seven new lows.

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