Consumer and technology stocks, including Amazon, led gains on Wall Street on Tuesday, while a perceived win by Democrat Hillary Clinton in Monday's first presidential debate gave broader support to equities. Bobbi Rebell reports.
The day after the first presidential debate, stocks climbed, ending a two-day losing streak. Consumer and technology stocks like Amazon, Nike and Coca-Cola drove the advance. Oil prices plunged as hopes for a deal to cut output faded following a meeting of major producers in Algeria. Erin Gibbs of S&P Investment Advisory Services: SOUNDBITE (English): ERIN GIBBS, EQUITY CHIEF INVESTMENT OFFICER, S&P INVESTMENT ADVISORY SERVICES: "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. " Among the losers: Chesapeake Energy. Two directors, including a representative of activist investor Carl Icahn, resigned on Monday, a week after Icahn more than halved his stake in the natural gas producer. The Conference Board's consumer confidence index hit a nine-year high in September. Economists had expected a decline. U.S. home prices rose 5 percent in July on a year-over-year basis, according to the S&P CoreLogic Case-Shiller composite index of 20 metropolitan areas. In Europe, the major country indexes took a small step back.