By Yashaswini Swamynathan
U.S. stocks rose in subdued trading on Monday as oil prices surged to a one-year high, lifting shares of energy companies. Oil prices rose 2 percent 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. Ten of the 11 major S&P 500 indexes were higher, led by a 1.69 percent rise in the energy sector. Exxon and Chevron were among the top influences on the S&P and the Dow. The U.S. bond market was closed for the Columbus Day holiday.The market also got a boost from perceptions that Democrat Hillary Clinton won the second presidential debate against Republican Donald Trump, less than a month before the Nov. 8 vote."Equity futures would rally on the more certain candidate, and the one that Wall Street is very familiar with and less likely to make drastic changes," said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, Texas. "That clearly is Hillary Clinton."
A CNN/ORC snap poll of debate watchers found that 57 percent thought Clinton won the encounter, versus 34 percent for Trump."The market is much more comfortable with a Hillary win because there is whole lot less unknown with her than Trump and the market abhors the unknown," said Art Hogan, chief market strategist at Wunderlich Securities in New York.At 12:35 p.m. ET (1635 GMT), the Dow Jones Industrial Average was up 95.57 points, or 0.52 percent, at 18,336.06.
The S&P 500 was up 10.86 points, or 0.5 percent, at 2,164.6.The Nasdaq Composite was up 40.79 points, or 0.77 percent, at 5,333.19, while the Nasdaq 100 hit a record intraday high. Twitter dropped 13.4 percent after Bloomberg reported on Saturday that "top potential bidders", including Apple, Salesforce.com and Alphabet had lost interest in the company.
Apple shares rose nearly 1.96 percent, Salesforce 6 percent and Alphabet 1.5 percent. Mylan was the top gainer on the S&P, rising 8.8 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 decliners on the NYSE by 2,161 to 736. On the Nasdaq, 1,971 issues rose and 730 fell.The S&P 500 index showed 24 new 52-week highs and one new lows, while the Nasdaq recorded 112 new highs and 24 new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva)
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Published Date: Oct 10, 2016 11:15 pm | Updated Date: Oct 10, 2016 11:15 pm