Stocks on Wall Street rose Wednesday led by the energy sector as oil prices rallied and as financials gained on the increasing likelihood of an interest rate hike after strong economic data. Bobbi Rebell reports.
U.S. stocks advanced on Wednesday driven by strong economic data that boosted financial stocks, along with a surge in oil prices that helped the energy sector. Mike Bailey of FBB Capital Partners: SOUNDBITE: MIKE BAILEY, DIRECTOR OF RESEARCH, FBB CAPITAL PARTNERS (ENGLISH) SAYING: "Think we are coming off a few somewhat positive events. We did have the vice presidential debate last night. I think that led to perhaps investors feeling a bit more certain or a bit less uncertainty about markets over the next few months. We are also seeing oil rise a bit so I think that is helping investors get greater confidence at a minimum that we are not going to see another oil scare at least in the near term. " A report from the Institute of Supply Management showed activity in the U.S. services sector saw a big rebound in September, after having slowed to more than a six-year low in the previous month. Earnings highlights included Monsanto, which reported a surprise profit, helped by a drop in expenses. And Constellation brands which raised forecasts after reporting a jump in sales thanks to strength in its beer business. Turning to Europe: the major country indexes were lower on concerns that the European Central Bank might reduce the pace of bond-buying sooner than expected.