By Caroline Valetkevitch
U.S. stocks rose on Monday as energy shares gained with oil prices and as polls showed Hillary Clinton's lead widening in the U.S. presidential campaign. Oil prices rose to a one-year high after Russia said it was ready to join OPEC in curbing crude output and Algeria's oil minister said he expected similar commitments from other non-OPEC producers.The energy index .SPNY was up 1.4 percent. Exxon (XOM.N) and Chevron (CVX.N) were among the top influences on the S&P and the Dow."The debate further set in stone that Hillary Clinton is the likely winner," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
An NBC News/Wall Street Journal poll on Monday showed Clinton increasing the lead she has held over Donald Trump for months. Wall Street strategists have said a Clinton victory may be more positive for stocks because her positions are well known.The Dow Jones industrial average .DJI was up 98.64 points, or 0.54 percent, to 18,339.13, the S&P 500 .SPX gained 10.97 points, or 0.51 percent, to 2,164.71 and the Nasdaq Composite .IXIC added 41.94 points, or 0.79 percent, to 5,334.35.
Trading was light because of the Columbus Day holiday.Mylan (MYL.O) rose 8.4 percent after the drugmaker on Friday said it would pay $465 million to settle questions over whether it underpaid U.S. government healthcare programs by misclassifying its EpiPen emergency allergy treatment.
Advancing issues outnumbered declining ones on the NYSE by a 2.63-to-1 ratio; on Nasdaq, a 2.53-to-1 ratio favoured advancers.The S&P 500 posted 27 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 129 new highs and 34 new lows. (Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva and Nick Zieminski)
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Published Date: Oct 11, 2016 02:00 AM | Updated Date: Oct 11, 2016 02:00 AM