US close: Stocks rise as oil prices gain ground
US stocks ended in the black on Monday as oil prices gained ground, with investors digesting the second presidential debate.
The Dow Jones Industrial Average and the S&P 500 closed up 0.5%, while the Nasdaq rose 0.7%.
At the same time, oil prices settled higher after Russian President Vladimir Putin told an energy congress in Turkey that the nation was ready to join OPEC in a proposed curb on production. Brent crude was up 2% at $52.96 a barrel and West Texas Intermediate was up 2.8% to $51.19.
With little on the agenda due to the Columbus Day holiday, traders continued to mull Sunday’s debate between Donald Trump and Hillary Clinton. While analysts had mixed views about who won the debate, the recent scandal surrounding Trump’s inappropriate comments about women has seen Clinton slightly increase her lead in the polls.
“The overall market reaction to Round 2 of the Presidential Debate is far less volatile to what we experienced at the end of Round 1, although this could be because the race to who could possibly win the US election was far closer at that time,” said FXTM vice president of market research Jameel Ahmad.
“Donald Trump appears to have now managed to alienate himself from his own political party, with the feeling in the air being that the comments released from a 2005 recording has gone some distance towards self-destructing his own presidential campaign.”
In corporate news, US-listed shares of Deutsche Bank recovered after investors were left disappointed that chief executive John Cryan did not strike a deal with US authorities over the $14bn Department of Justice fine for mis-selling mortgage-backed securities, after he attended the International Monetary Fund and World Bank’s autumn meetings in Washington.
The Financial Times reported on Monday that Deutsche was given special treatment in the European bank stress tests carried out over the summer.
According to the FT, the lender, which has been using the results of the July stress tests as evidence of its healthy finances, was boosted by a special concession agreed by its supervisor, the European Central Bank.
Elsewhere, Mylan rallied following news of a settlement in the company’s EpiPen pricing controversy.
On the downside, Twitter Inc. fell after Bloomberg reported the social media company is unlikely to attract any takeover bids, while Dover Corp. slumped as the group cut its full year sales and profit outlook.
Netflix shares declined after Deutsche Bank initiated the stock at ‘sell’ with a $90 price target, citing worries that market expectations for the video streaming service are too high.
S&P 500 - Risers
Mylan Inc. (MYL) $38.87 +8.15%
Salesforce.Com Inc. (CRM) $75.17 +6.01%
Tyson Foods Inc. (TSN) $70.50 +4.06%
NRG Energy Inc. (NRG) $11.42 +4.01%
Endo International Plc (ENDP) $21.18 +3.98%
Devon Energy Corp. (DVN) $44.39 +3.69%
Pioneer Natural Resources Co. (PXD) $193.26 +3.69%
Southwest Airlines Co. (LUV) $39.76 +3.35%
Tenet Healthcare Corp. (THC) $21.35 +3.14%
Diamond Offshore Drilling Inc. (DO) $17.61 +3.10%
S&P 500 - Fallers
Bristol-Myers Squibb (BMY) $49.81 -10.14%
Dover Corp. (DOV) $66.69 -7.68%
Cabot Oil & Gas Corp. (COG) $24.15 -2.50%
Coca-Cola Enterprises Inc. (CCE) $37.88 -2.50%
Rockwell Automation Inc. (ROK) $117.00 -2.26%
Frontier Communications Co. (FTR) $4.15 -1.89%
News Corp Class B (NWS) $14.25 -1.86%
Emerson Electric Co. (EMR) $51.79 -1.73%
Analog Devices Inc. (ADI) $63.35 -1.66%
Netflix Inc. (NFLX) $103.33 -1.42%
Dow Jones I.A - Risers
Exxon Mobil Corp. (XOM) $88.44 +1.96%
Merck & Co. Inc. (MRK) $63.89 +1.78%
Apple Inc. (AAPL) $116.06 +1.75%
Chevron Corp. (CVX) $103.97 +1.66%
Boeing Co. (BA) $135.84 +1.49%
McDonald's Corp. (MCD) $114.71 +1.11%
Unitedhealth Group Inc. (UNH) $138.08 +1.04%
International Business Machines Corp. (IBM) $157.02 +0.87%
E.I. du Pont de Nemours and Co. (DD) $68.92 +0.83%
JP Morgan Chase & Co. (JPM) $68.65 +0.79%
Dow Jones I.A - Fallers
Procter & Gamble Co. (PG) $89.05 -1.06%
Wal-Mart Stores Inc. (WMT) $67.98 -1.05%
Home Depot Inc. (HD) $127.25 -0.83%
General Electric Co. (GE) $28.86 -0.76%
United Technologies Corp. (UTX) $99.98 -0.60%
Caterpillar Inc. (CAT) $88.21 -0.29%
Intel Corp. (INTC) $38.02 -0.21%
3M Co. (MMM) $171.11 -0.13%
Nike Inc. (NKE) $51.79 -0.00%
Nasdaq 100 - Risers
Mylan Inc. (MYL) $38.87 +8.15%
Endo International Plc (ENDP) $21.18 +3.98%
American Airlines Group (AAL) $38.89 +3.07%
Stericycle Inc. (SRCL) $76.86 +2.34%
Ctrip.Com International Ltd. Ads (CTRP) $48.16 +2.29%
Tesla Motors Inc (TSLA) $200.95 +2.21%
T-Mobile Us, Inc. (TMUS) $46.15 +1.94%
Lam Research Corp. (LRCX) $102.15 +1.79%
Apple Inc. (AAPL) $116.06 +1.75%
Alphabet Inc. Class A (GOOGL) $814.17 +1.68%
Nasdaq 100 - Fallers
Maxim Integrated Products Inc. (MXIM) $38.67 -3.81%
Incyte Corp. (INCY) $95.95 -1.92%
Analog Devices Inc. (ADI) $63.35 -1.66%
Netflix Inc. (NFLX) $103.33 -1.42%
QUALCOMM Inc. (QCOM) $67.25 -1.38%
Texas Instruments Inc (TXN) $69.93 -1.33%
Xilinx Inc. (XLNX) $52.21 -1.29%
Applied Materials Inc. (AMAT) $29.38 -1.24%
Bed Bath & Beyond Inc. (BBBY) $43.93 -0.92%
PACCAR Inc. (PCAR) $58.51 -0.88%