- Title: Wall St climbs as consumer and tech stocks lead
- Date: 27th September 2016
- Summary: NEW YORK, NEW YORK, UNITED STATES (SEPTEMBER 27, 2016) (REUTERS) (SOUNDBITE) (English) S&P INVESTMENT ADVISORY SERVICES EQUITY CHIEF INVESTMENT OFFICER, ERIN GIBBS, SAYING "We've been seeing the markets really hover around the top of both the price levels and valuation levels for the past few weeks. And we've just seen it sort of bump up against those tops, and this is just another day of, after coming down for a few days, kind of heading back up. I don't really read too much into it. I think the markets are still waiting for earnings to come out for any major impact to really push those prices any higher. "
- Embargoed: 12th October 2016 21:21
- Keywords: Erin Gibbs NYSE markets trading Presidential debate Amazon Hillary Clinton equities stocks
- Location: NEW YORK, NEW YORK, UNITED STATES
- City: NEW YORK, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events
- Reuters ID: LVA00251CGIA5
- Aspect Ratio: 16:9
- Story Text: Consumer and technology stocks, including Amazon, led gains on Wall Street on Tuesday (September 27), while a perceived win by Democrat Hillary Clinton in the first presidential debate the night before gave broader support to equities.
The S&P 500 technology sector rallied 1.15 percent, powered by a 1.85 percent gain in Microsoft and a 1.08 percent rise in Facebook.
Amazon.com jumped 2.12 percent and the consumer discretionary index gained 0.99 percent after a report showed that the consumer confidence index for September rose to its highest level in nine years.
Following the first of three presidential debates on Monday (September 26), Republican candidate Donald Trump vowed to hit Clinton harder after she put him on the defensive.
With six weeks until the Nov. 8 vote, some investors see the neck-and-neck contest sparking volatility in sectors including health insurers, drugmakers and industrials.
Still, shares of private prison operators Corrections Corp and Geo Group fell 7.39 percent and 3.82 percent respectively after Clinton criticized states' use of for-profit prisons during the debate.
In their first increases in three sessions, the Dow Jones industrial average rose 0.74 percent to end at 18,228.3 points and the S&P 500 gained 0.64 percent to 2,159.93.
The Nasdaq Composite added 0.92 percent to 5,305.71.
The increase in the consumer confidence index also boosted shares of Coca-Cola up 1.28 percent, and Nike NKE.N, which rose 1.73 percent.
Oil prices plunged 3 percent as hopes for a deal to cut output faded at major producers meeting in Algeria. The S&P 500 energy index fell 0.46 percent.
Gilead Sciences was the top drag on the S&P and the Nasdaq, falling 1.70 percent after Leerink downgraded the drugmaker's stock to "market perform."
Advancing issues outnumbered declining ones on the NYSE by a 1.42-to-1 ratio; on Nasdaq, a 1.92-to-1 ratio favored advancers.
The S&P 500 posted 12 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 82 new highs and 34 new lows.
About 6.2 billion shares changed hands on U.S. exchanges, below the 6.9 billion daily average for the past 20 trading days, according to Thomson Reuters data. - Copyright Holder: REUTERS
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