Wall Street Ends With Solid Gains; Investors Hail US Debt-Ceiling Truce

Wall Street ended sharply higher on Thursday in a broad-based rally led by Big Tech, as a truce in the debt-ceiling standoff in the U.S. Congress relieved concerns of a possible government debt default this month. Mega-cap stocks jumped with Apple Inc. up 0.9 percent and Amazon.com Inc. rising 1.2 percent, the biggest boosts to the S&P 500 and Nasdaq. Tesla and Google-parent Alphabet both rose more than 1 percent. The U.S. Senate took a step toward passing a $480 billion increase in Treasury Department borrowing authority, which would put off another partisan showdown until December. Uncertainty over the debt-ceiling negotiations was one concern investors cited in September as the S&P 500 logged its biggest monthly percentage drop since the onset of the coronavirus pandemic in March 2020. “Today’s (market) is driven by a slight move in Washington towards rationality about being able to pay their bills, write some checks,” …

Read the full post at The Epoch Times.

Be social. Share!