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Stocks Rise After Debate as Consumer Confidence Jumps to 9-Year High

Stocks Rise After Debate as Consumer Confidence Jumps to 9-Year High

Hillary Clinton, Democratic presidential nominee (AP Images)

Tuesday, 27 September 2016 12:22 PM

Stocks rose as data showed American consumer confidence rose to the highest since 2007 and speculation grew that presidential nominee Hillary Clinton beat Donald Trump in their first debate. Mexico’s peso rallied. Oil sank.

The S&P 500 Index extended its quarterly advance after the Conference Board’s index also beat analysts estimates. Mexico’s peso, increasingly a barometer of Trump-related anxiety, led gains among the world’s major currencies.

European shares trimmed losses as Deutsche Bank AG rebounded from a record low. Oil slumped as Iran said it’s unwilling to freeze output at current levels and wants to raise production to 4 million barrels a day.

The increase in American consumer confidence to the highest level since before the last recession spurred a rebound in equities from today’s lows.

Clinton saw her odds of moving back into the White House rise from an already-high 69 percent before the debate to 73 percent afterward, according to prediction market aggregatorPredictWise.

Trump’s chances slumped accordingly.

Citigroup Inc. has said a Trump win in November could sink equities and warned this week it may also spur volatility in both gold and currency markets.

“The initial reaction was more of a relief rally, showing that the market would clearly prefer Hillary Clinton,” said Bill Schultz, who oversees $1.2 billion as chief investment officer of McQueen, Ball & Associates Inc. in Bethlehem, Pennsylvania. “She represents more of the status quo, while Donald Trump represents volatility and uncertainty.”

 

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Stocks rose as data showed American consumer confidence rose to the highest since 2007 and speculation grew that presidential nominee Hillary Clinton beat Donald Trump in their first debate. Mexico's peso rallied. Oil sank.The S P 500 Index extended its quarterly advance...
stocks, debate, Hillary Clinton, Donald Trump
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2016-22-27
Tuesday, 27 September 2016 12:22 PM
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