By Chibuike Oguh
NEW YORK (Reuters) -Global stocks were trading higher on Friday, although they were set for a weekly loss amid U.S. election jitters, while oil prices rose, buoyed by Middle East tensions.
Republican former President Donald Trump and Democratic Vice President Kamala Harris are neck and neck in crucial swing states in the Nov. 5 U.S. election, and investors are anxious about a contested result roiling world markets and unleashing fresh geopolitical uncertainty.
The benchmark S&P 500 was on track to finish the week slightly lower, although gains in technology and communication services stocks were pushing the index higher on the session.
The Dow Jones Industrial Average rose 0.46% to 42,569.64, the S&P 500 rose 0.90% to 5,862.18 and the Nasdaq Composite rose 1.48% to 18,687.80.
European shares index was also up 0.1% but on track to finish lower. Overnight in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan closed higher by 0.1% but dropped nearly 2% for the week.
“Over time, interest rates, inflation and the economy are the leading factors that affect the stock market,” said Tom Plumb, CEO and portfolio manager at Plumb Funds in Madison, Wisconsin.
“But in the short run, there’s no question that this is a market being bounced around by political developments and expectations, and the general perception that Trump would be better for the markets than Harris.”
Brent crude oil futures rose 1.45%, to $75.46 a barrel. U.S. West Texas Intermediate crude was up 1.47% at $71.22.
(Reporting by Chibuike Oguh in New York;Editing by Marguerita Choy)
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