US STOCKS-Wall Street rallies as OPEC reaches output deal

miércoles 28 de septiembre de 2016 16:45 GYT
 

* U.S. presidential election uncertainty keeps roiling markets

* Stocks reversed earlier losses after OPEC deal

* Energy sector has best day since January, up 4.34 pct

* Indexes end higher: Dow 0.61 pct, S&P 0.53 pct, Nasdaq 0.24 pct (Updates to close)

By Noel Randewich

Sept 28 (Reuters) - Wall Street ended 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 had its best day since January, climbing 4.34 percent after OPEC sources said the group reached a deal to cut its oil production for the first time since 2008. Oil prices rallied as much as 6 percent.

Chevron climbed 3.20 percent and Exxon Mobil gained 4.40 percent. Shares of Caterpillar Inc, which sells heavy equipment to energy companies, jumped 4.48 percent.

A slump in oil prices has caused steep earnings declines and losses for U.S. energy producers for several quarters. S&P 500 energy companies on average are expected to post a 66 percent drop in third-quarter earnings, according to Thomson Reuters data.   Continuación...