Wall Street rises in wake of first presidential face-off

Consumer and technology stocks including Amazon led gains on Wall Street on Tuesday as some investors deemed Democrat Hillary Clinton to have won a presidential debate against Republican rival Donald Trump.

The S&P 500 technology sector rallied 1.13 percent, powered by a 2-percent gain in Microsoft and a 1.14-percent rise in Facebook.

Amazon.com increased 1.98 percent and the consumer discretionary index gained 0.93 percent higher after a report showed that the consumer confidence index for September rose to its highest level in nine years.

Following the first of three presidential debates on Monday, Trump vowed to hit Clinton harder after she put him on the defensive. With six weeks until the Nov. 8 vote, some investors see the neck-and-neck contest sparking volatility in sectors including health insurers, drugmakers and industrials.

“From a market perspective, rightly or wrongly, there is an understanding that Mrs Clinton would be a safe pair of hands, that there’s very little uncertainty there,” said Brad McMillan chief investment officer for Commonwealth Financial in Waltham, Massachusetts.

Still, private prison operators Corrections Corp and Geo Group fell 7.45 percent and 3.45 percent respectively after Clinton criticized states’ use of for-profit prisons during the debate.

 

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source: http://www.reuters.com/article/us-usa-stocks-idUSKCN11X184?il=0

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