US stocks fluctuate amid global uncertainties

U.S. stocks wavered for the week as Wall Street pondered over uncertainties both in the United States and across the world.

On Monday, U.S. stocks extended losses as investor sentiment was dented by a broadly-based stock decline around the world.

On Tuesday, U.S. stocks posted sizable gains following the first presidential debate between Hillary Clinton and Donald Trump.

On Wednesday, U.S. stocks ended higher after choppy trading, as investor sentiment was boosted by a strong rebound in oil prices.

On Thursday, U.S. stocks declined as investors digested a batch of economic reports as well as Deutsche Bank' s sharp decline.

On Friday, U.S. stocks rallied Friday, the last trading day of the third quarter, as investors cheered over a strong rebound in Deutsche Bank shares.

Democrat Hillary Clinton and Republican Donald Trump faced off for the first time in the chaotic 2016 election cycle Monday evening, with Clinton calling out Trump for not releasing tax returns and telling lies, while Trump labeled Clinton a traditional politician.

The debate marked the first of three presidential debates and one vice-presidential debate that will take place before the Nov. 8 election day.

The performance of each candidate at the debates could be crucial to clinching the presidency, as various polls have showed a tightened race in many of the swing states in recent weeks.

Investors also kept a close eye on U.S. Federal Reserve Chair Janet Yellen. She said Wednesday in a prepared testimony to the House Financial Services Committee that U.S. banks are well capitalized, but remain challenged by weak interest income. Yellen later said the central bank does not have a "fixed timetable" for raising rates.

Meanwhile, oil prices were in focus as the world's largest producers gathered in Algeria to discuss ways to support the market.

Oil prices soared over 5 percent Wednesday after the Organization of the Petroleum Exporting Countries reached a deal to cut oil output for the first time since 2008.

In Europe, Deutsche Bank was in the spotlight, whose shares plunged Thursday but rebounded strongly Friday amid media reports. Bloomberg reported Thursday that approximately 10 hedge funds were reducing their exposure to the bank, while on Friday AFP said that the bank may be near a settlement with the U.S. Department of Justice.

On the economic front, U.S. real gross domestic product increased at an annual rate of 1.4 percent in the second quarter of 2016, according to the "third" estimate released by the Commerce Department.

The international trade deficit was 58.4 billion U.S. dollars in August, down 0.4 billion dollars July reading.

In the week ending Sept. 24, the advance figure for seasonally adjusted initial claims was 254,000, an increase of 3,000 from the previous week's revised level, the Labor Department reported Thursday.

U.S. new orders for manufactured durable goods in August decreased 0.1 billion U.S. dollars and was virtually unchanged at 226.9 billion dollars.

U.S. sales of new single-family houses in August were at a seasonally adjusted annual rate of 609,000, beating market consensus.

The Conference Board Consumer Confidence Index came in at 104.1 in September, up from 101.8 in August and beating market estimates of 98.8.

For the week, the blue-chip Dow rose 0.3 percent, and the broader S&P 500 increased 0.2 percent, while the tech-heavy Nasdaq edged up 0.1 percent. 

Source : XINHUA