Wall Street Advanced as Trump Signals Support for Debt Limit
U.S. stocks climbed after two top Democratic leaders said President Donald Trump will support a debt ceiling extension and government funding plan. Energy shares were also higher as stocks rebounded from a day-earlier selloff.
The Dow Jones industrial average gained 0.25 percent to 21,807.64, as Home Depot and Chevron contributed the most gains. The S&P 500 rose 0.31 percent to 2,465.54, with energy and consumer discretionary among the best performers. The Nasdaq composite climbed 0.28 percent to 6,393.31, with some large-cap stocks, such as Netflix and Facebook, regaining ground.
The energy sector climbed 1.6 percent, for its largest single-day gain in two months, as oil prices increased. Oil majors Exxon Mobil and Chevron both gained two percent which buoyed the S&P 500 and the Dow.
Financials were up 0.2 percent following their biggest one-day decline since mid May. Nine of 11 major sectors closed in the green.
Vacation and timeshare stocks also dropped as investors focused on Category 5 Hurricane Irma. Shares of Hilton Grand Vacations fell 1.44 percent and Marriott also dropped nearly one percent.
United Continental Holdings and Newell Brands were among the worst performers in the S&P 500.
Airline company United trimmed its unit revenue and pre-tax margin guidance for this quarter, citing Hurricane Harvey. Newell Brands wrote in a statement that “nearly all” of its resin suppliers in Louisiana and Texas are shut down due to Hurricane Harvey.
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