New York: wall Street Wednesday ended higher as investors became more optimistic that congressional Democrats and Republicans could reach a deal to prevent a government debt default.
Top US Senate Republicans Mitch McConnell said his party would support an extension of the federal debt limit in December. This would remove a historic lapse that would have taken a heavy economic toll.
“McConnell made some lewd comments about temporarily raising the debt limit,” said Jay Hatfield, Founder and Portfolio Manager, Infrastructure Capital Advisors. “It is being interpreted as a positive in the short term.”
McConnell’s offer could provide an off-ramp to a months-long standoff between presidents Joe BidenDemocrats and McConnell’s Republicans, who were expected to block Wednesday’s third attempt by Senate Democrats to raise the $28.4 trillion debt limit.
With stocks lower for most of the session following a strong performance from private jobs in September, the Federal Reserve may soon begin to rein in monetary stimulus.
The Dow Jones Industrial Average ended 0.3% higher at 34,416.99, while the S&P 500 edged up 0.41% at 4,363.55.
The Nasdaq Composite climbed 0.47% to end at 14,501.91.
Mega-cap growth stocks Amazon and Microsoft both rose more than 1% after the benchmark US 10-year Treasury yield retreated from three-month highs by noon.
The ADP National Employment Report showed an increase of 568,000 jobs in private payrolls last month. Economists polled by Reuters had forecast an increase of 428,000 jobs.
“Positive labor market data comes with the implication that the Fed could tighten policy at a faster pace. But the fact that hiring shouldn’t be discounted – it’s certainly a good thing in terms of recovery,” Mike Lowengart, Managing Director, Investment Strategy at E*TRADE Financial.
More comprehensive non-farm payroll data is due Friday. This is expected to strengthen the case for slowing the Fed’s asset purchases.
Oil prices hit multi-year highs, but crude prices retreated from those highs, while the S&P 500 energy sector index slipped more than 1%, the weakest performer among 11 sector indexes.
American Airlines Group fell 4.33% after Goldman Sachs cut its rating on the carrier from “neutral” to “sell”.
Shares of steelmaker Nucor Corp fell 2.75% after Goldman Sachs downgraded its rating from “buy” to “neutral”.
reducing issues moving beyond the 1.31-to-1 ratio on the NYSE; On the Nasdaq, a 1.58-to-1 ratio favored the decline.
The S&P 500 posted 3 new 52-week highs and 9 new lows; The Nasdaq Composite posted 31 new highs and 241 new lows.
Volume on US exchanges stood at 10.6 billion shares, compared to an average of 11.0 billion over the past 20 trading days.
Top US Senate Republicans Mitch McConnell said his party would support an extension of the federal debt limit in December. This would remove a historic lapse that would have taken a heavy economic toll.
“McConnell made some lewd comments about temporarily raising the debt limit,” said Jay Hatfield, Founder and Portfolio Manager, Infrastructure Capital Advisors. “It is being interpreted as a positive in the short term.”
McConnell’s offer could provide an off-ramp to a months-long standoff between presidents Joe BidenDemocrats and McConnell’s Republicans, who were expected to block Wednesday’s third attempt by Senate Democrats to raise the $28.4 trillion debt limit.
With stocks lower for most of the session following a strong performance from private jobs in September, the Federal Reserve may soon begin to rein in monetary stimulus.
The Dow Jones Industrial Average ended 0.3% higher at 34,416.99, while the S&P 500 edged up 0.41% at 4,363.55.
The Nasdaq Composite climbed 0.47% to end at 14,501.91.
Mega-cap growth stocks Amazon and Microsoft both rose more than 1% after the benchmark US 10-year Treasury yield retreated from three-month highs by noon.
The ADP National Employment Report showed an increase of 568,000 jobs in private payrolls last month. Economists polled by Reuters had forecast an increase of 428,000 jobs.
“Positive labor market data comes with the implication that the Fed could tighten policy at a faster pace. But the fact that hiring shouldn’t be discounted – it’s certainly a good thing in terms of recovery,” Mike Lowengart, Managing Director, Investment Strategy at E*TRADE Financial.
More comprehensive non-farm payroll data is due Friday. This is expected to strengthen the case for slowing the Fed’s asset purchases.
Oil prices hit multi-year highs, but crude prices retreated from those highs, while the S&P 500 energy sector index slipped more than 1%, the weakest performer among 11 sector indexes.
American Airlines Group fell 4.33% after Goldman Sachs cut its rating on the carrier from “neutral” to “sell”.
Shares of steelmaker Nucor Corp fell 2.75% after Goldman Sachs downgraded its rating from “buy” to “neutral”.
reducing issues moving beyond the 1.31-to-1 ratio on the NYSE; On the Nasdaq, a 1.58-to-1 ratio favored the decline.
The S&P 500 posted 3 new 52-week highs and 9 new lows; The Nasdaq Composite posted 31 new highs and 241 new lows.
Volume on US exchanges stood at 10.6 billion shares, compared to an average of 11.0 billion over the past 20 trading days.
.