US STOCKS-Wall Street rallies as OPEC reaches output deal

miércoles 28 de septiembre de 2016 15:07 GYT
 

* Presidential election uncertainty keeps roiling markets

* Stocks reversed earlier losses following OPEC deal

* Indexes up: Dow 0.56 pct, S&P 0.44 pct, Nasdaq 0.13 pct (Updates with detail on oil rally)

By Noel Randewich

Sept 28 (Reuters) - Wall Street moved higher on Wednesday after an OPEC agreement to limit crude output fueled a rally in oil and more than offset nervousness about a tight race for the U.S. presidency.

The energy index jumped 4 percent and was set to have its best day since January after OPEC sources said the group has reached a deal to limit crude output at its policy meeting in November. Oil prices rallied as much as 6 percent.

"The energy sector has been the biggest drag on earnings for the past year and a half or two years, and if you can get some stability there, all of a sudden earnings start to look a lot better," said Mark Kepner, managing director at Themis Trading in Chatham, New Jersey.

Chevron climbed 2.66 percent and Exxon Mobil gained 3.56 percent. Shares of Caterpillar Inc, which sells heavy equipment to energy companies, jumped 3.79 percent.

Investors for months have shrugged off 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.   Continuación...