{"id":122499,"date":"2021-10-06T19:32:39","date_gmt":"2021-10-06T19:32:39","guid":{"rendered":"https:\/\/fin2me.com\/?p=122499"},"modified":"2021-10-06T19:32:39","modified_gmt":"2021-10-06T19:32:39","slug":"wall-street-rises-on-optimism-about-u-s-debt-ceiling-deal","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/wall-street-rises-on-optimism-about-u-s-debt-ceiling-deal\/","title":{"rendered":"Wall Street rises on optimism about U.S. debt-ceiling deal"},"content":{"rendered":"

(Reuters) – U.S. stock indexes rose on Wednesday, recouping early losses and turning positive as investors grew more optimistic that congressional Democrats and Republicans could reach a deal to avert a government debt default.<\/p>

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 29, 2021. REUTERS\/Brendan McDermid<\/figcaption>

Top U.S. Senate Republican Mitch McConnell said his party would support an extension of the federal debt ceiling into December, a move that would head off a historic default with a heavy economic toll.<\/p>\n

\u201cMcConnell made some dovish comments about temporarily extending the debt ceiling,\u201d said Jay Hatfield, founder and portfolio manager at Infrastructure Capital Advisors. \u201cThat\u2019s going to be interpreted in the short-run as positive.\u201d<\/p>\n

McConnell\u2019s offer could provide an off-ramp to a months-long standoff between President Joe Biden\u2019s Democrats and McConnell\u2019s Republicans, who had been expected on Wednesday to block a third attempt by Senate Democrats to raise the $28.4 trillion debt ceiling.<\/p>\n

In afternoon trade, the Dow Jones Industrial Average was up 0.14% at 34,363.3 points, while the S&P 500 gained 0.25% to 4,356.69.<\/p>\n

The Nasdaq Composite added 0.43% to 14,495.61.<\/p>\n

Stocks fell early after a strong showing of private jobs in September fueled bets the Federal Reserve could start reining in monetary stimulus soon.<\/p>\n

Mega-cap growth stocks Amazon and Microsoft both were last up more than 1%, surging after the benchmark U.S. 10-year Treasury yield retreated from three-month highs by early afternoon. [US\/]<\/p>\n

The ADP National Employment Report showed private payrolls increased by 568,000 jobs last month. Economists polled by Reuters had forecast a rise of 428,000 jobs.<\/p>\n

\u201cPositive labor market data comes with the implication that the Fed can tighten policy at a quicker pace. But the fact that hiring is up shouldn\u2019t be discounted \u2014 it\u2019s definitely a good thing in terms of recovery,\u201d said Mike Loewengart, managing director, investment strategy at E*TRADE Financial.<\/p>\n

The more comprehensive non-farm payrolls data is due on Friday. It is expected to cement the case for the Fed\u2019s slowing of asset purchases.<\/p>\n

Oil prices hit multi-year highs early, but crude prices retreated from those highs while the S&P 500 energy sector index slid 1%, the weakest performer among 11 sector indexes.<\/p>\n

American Airlines Group fell 3.7% after Goldman Sachs cut its rating on the carrier to \u201csell\u201d from \u201cneutral\u201d.<\/p>\n

Shares in steelmaker Nucor Corp dropped 2.5% after Goldman Sachs lowered its rating to \u201cneutral\u201d from \u201cbuy\u201d.<\/p>\n

Declining issues outnumbered advancing ones on the NYSE by a 1.71-to-1 ratio; on Nasdaq, a 1.55-to-1 ratio favored decliners.<\/p>\n

The S&P 500 posted 1 new 52-week highs and 9 new lows; the Nasdaq Composite recorded 25 new highs and 229 new lows.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) – U.S. stock indexes rose on Wednesday, recouping early losses and turning positive as investors grew more optimistic that congressional Democrats and Republicans could […]<\/p>\n","protected":false},"author":3,"featured_media":122498,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nWall Street rises on optimism about U.S. debt-ceiling deal - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/wall-street-rises-on-optimism-about-u-s-debt-ceiling-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wall Street rises on optimism about U.S. debt-ceiling deal - Fin2me\" \/>\n<meta property=\"og:description\" content=\"(Reuters) – U.S. stock indexes rose on Wednesday, recouping early losses and turning positive as investors grew more optimistic that congressional Democrats and Republicans could [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/wall-street-rises-on-optimism-about-u-s-debt-ceiling-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-06T19:32:39+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/10\/Wall-Street-rises-on-optimism-about-U.S.-debt-ceiling-deal.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/wall-street-rises-on-optimism-about-u-s-debt-ceiling-deal\/\",\"url\":\"https:\/\/fin2me.com\/business\/wall-street-rises-on-optimism-about-u-s-debt-ceiling-deal\/\",\"name\":\"Wall Street rises on optimism about U.S. debt-ceiling deal - 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