* Indexes up: Dow 0.38 pct, S&P 0.29 pct, Nasdaq 0.07 pct (Updates with rally in energy)
By Noel Randewich
Sept 28 (Reuters) - Wall Street reversed losses and moved modestly higher on Wednesday as a rally in oil more than offset nervousness about a tight race for the U.S. presidency.
The energy index jumped 3.99 percent and was set to have its best day since January after OPEC sources said the group has reached a deal to limit output in November. Oil prices rallied as much as 5 percent.
Chevron climbed 2.5 percent and Exxon Mobil gained 4.66 percent.
At 2:22 pm ET, the Dow Jones industrial average was up 0.38 percent to 18,297.06 points and the S&P 500 had gained 0.29 percent to 2,166.1.
The Nasdaq Composite added 0.07 percent to 5,309.31.
Investors for months have shrugged off the outcome of the Nov. 8 presidential election, but uncertainty about the election's outcome has taken center stage since Monday's first debate between candidates Donald Trump and Hillary Clinton.
"There is this uncertainty that you don't know which way the election is going to go," said Chris Zaccarelli, chief investment officer at Cornerstone Financial Partners.
Advancing issues outnumbered declining ones on the NYSE by a 2.23-to-1 ratio; on Nasdaq, a 1.32-to-1 ratio favored advancers.
The S&P 500 posted 15 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 82 new highs and 33 new lows. (Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Nick Zieminski)