Wall Street Rallies as OPEC reaches output Deal
Wall Street ended higher on Wednesday after an OPEC agreement to limit crude output fueled a rally in oil and more than offset nervousness about a tight race for the US presidency. The energy index had its best day since January, climbing 4.34 percent after OPEC sources said the group reached a deal to cut its oil production for the first time since 2008.
Oil prices rallied as much as 6 percent. Chevron climbed 3.20 percent and Exxon Mobil gained 4.40 percent. Shares of Caterpillar Inc, which sells heavy equipment to energy companies, jumped 4.48 percent.
A slump in oil prices has caused steep earnings declines and losses for US energy producers for several quarters. S&P 500 energy companies on average are expected to post a 66 percent drop in third-quarter earnings, according to Thomson Reuters data.
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Wall Street ended higher on Wednesday after an OPEC agreement to limit crude output fueled a rally in oil and more than offset nervousness about a tight race for the US presidency. The energy index had its best day since January, climbing 4.34 percent after OPEC sources said the group reached a deal to cut its oil production for the first time since 2008. 
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