Global stocks gain after U.S. presidential debate; oil drops

Tue Sep 27, 2016 6:27pm EDT
 
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By Richard Leong

NEW YORK (Reuters) - Stock prices across major markets rose on Tuesday, led by U.S. technology and consumer sectors following the presidential debate between Hillary Clinton and Donald Trump, while oil prices fell on fading hopes of agreement on limiting production.

A firmer dollar in the aftermath of the first Clinton-Trump debate helped send gold prices lower.

Some investors deemed Democrat Clinton to have won the debate against Republican rival Trump.

"From a market perspective, rightly or wrongly, there is an understanding that Mrs. Clinton would be a safe pair of hands, that there's very little uncertainty there," said Brad McMillan, chief investment officer for Commonwealth Financial in Waltham, Massachusetts.

Anxiety about the future of Deutsche Bank curtailed Wall Street's advance and kept European equity markets little changed.

U.S. and German government bond yields fell on safe-haven demand amid worries about Deutsche Bank and weaker oil prices. Investors have fretted over Germany's largest lender in the wake of a massive $14-billion demand from the U.S. Department of Justice to settle claims on bad mortgage-backed securities.

U.S. consumer stocks were bolstered after a report showed consumer confidence rose to its strongest in nine years in September.

The Dow Jones industrial average .DJI rose 133.47 points, or 0.74 percent, to 18,228.30, the S&P 500 .SPX gained 13.83 points, or 0.64 percent, to 2,159.93 and the Nasdaq Composite .IXIC added 48.22 points, or 0.92 percent, to 5,305.71.   Continued...

 
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 27, 2016.  REUTERS/Brendan McDermid