Investors focused on global politics after Turkey shot down a Russian warplane near the Syrian border, with stocks closing higher as the energy sector rose. Bobbi Rebell reports.
The downing of a Russian warplane drove oil prices and energy stocks higher, and that helped the major indices rebound from an early deficit. Alec Young of OppenheimerFunds likes energy stocks. (SOUNDBITE) ALEC YOUNG, INVESTMENT STRATEGIST, OPPENHEIMERFUNDS (ENGLISH) SAYING: "Clearly, when you've got a lot distress in an area, there're always long-term opportunities, so, probably, encourage investors to be looking in that beaten down space at the moment." The downing of the Russian warplane sent travel and tourism related shares down. Royal Caribbean, Priceline and Delta were among the day's biggest losers on the S&P 500. Retailers on the rise: Tiffany's shares rebounded. Quarterly profit more than doubled, but sales fell. And the upscale jeweler warned the profit would fall by as much as ten percent this year. Dollar Tree profit dropped, but sales for the top discount retailer more than doubled and beat estimates. Campbell Soup hiked its profit forecast for the full year. Cost cutting helped produce a profit that beat expectations. Mixed news on the economy: The U.S. economy grew at a faster clip in the third quarter than initially estimated. GDP rose 2.1 percent. Also rising: August home prices. But consumer confidence fell to a 14-month low this month. The strike on the Russian fighter jet sent European shares down to one-week lows.