Wednesday, September 28, 2016
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Market Digest Online WEDNESDAY, SEPTEMBER 28, 2016: Stocks closed higher on Tuesday, despite a sharp fall in oil prices, following the first presidential debate between Hillary Clinton and Donald Trump.

Quincy Krosby, market strategist at Prudential Financial, said the market received a boost from a number of economic data releases. "There's a premium on data at this time because the data recently has been slipping," she said. "The cumulative data we've gotten today indicate the economy is not slipping further."

The Consumer Confidence Index hit 104.1 in September, The Conference Board said on Tuesday. Economists expected the Consumer Confidence Index to hit 99.0 in September, down from August's revised reading of 101.8, according to Thomson Reuters consensus estimate. The read was also the highest since the recession.

Meanwhile, the S&P CoreLogic Case-Shiller 20-City Composite index rose 5.0 percent year over year, slightly below the expected 5.1 percent increase. The September Markit Flash U.S. Services PMI was also released, showing expansion. Meanwhile, the Richmond Federal Reserve Manufacturing index for September showed a read of -8.

"The rally we're seeing here is a bit of a head fake," said Christian Magoon, CEO of Amplify Investments. "I think there's a bit of relief that he was deadlocked and she had a solid performance."

"It looks like Hillary Clinton earned the market's vote today," said James Abate, chief investment officer at Centre Funds. He added "there is a basic assumption that Hillary Clinton is going to be good for the status quo."

"The jury is still out on who won last night," said Adam Sarhan, CEO at Sarhan Capital. He said that, even though a number of experts said Clinton won, there were a number of polls showing Trump won. "I don't think last night hit the nail in the head for either candidate."

"The election in November is one of the biggest risk events facing the markets this year and the way markets responded to the first debate makes it clear which outcome is more favorable. Clinton appeared to edge the first debate which has provided a lift for investors, albeit only a slight one as the polls remain extremely close and the campaign has a long way to go," said Oanda's Erlam. The second of three debates between Trump and Clinton will be held October 9.

The Dow Jones industrial average rose 123 points, or 0.69 percent, to 18,219, with Microsoft leading advancers and Disney the only decliner. The S&P 500 gained 12 points, or 0.6 percent, to trade at 2,159, with consumer discretionary leading eight sectors higher and utilities lagging. The Nasdaq advanced 44 points, or 0.85 percent, to 5,302.

About four stocks advanced for every three decliners at the New York Stock Exchange, with an exchange volume of 547 million and a composite volume of 2.657 billion in afternoon trade. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 13.2. Gold futures for December delivery settled $13.70 lower at $1,330.40 per ounce.


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