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Wall Street Blasts Off as Congress Finally Produces Debt-Ceiling Deal

By  +Follow October 16, 2013 4:31PM
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Stocks roared to life on Wednesday, as Senate Majority and Minority leaders Harry Reid and Mitch McConnell officially announced an agreement to end a half-month old government shutdown and raise the US debt ceiling through the remainder of 2013.

After what seemed like an eternity of increasingly shrill politicking in Washington, D.C. that at times seemed to make brave forays into absurdism, House Republicans relented on their demands for the defunding of President Obama’s signature 2010 Patient Protection and Affordable Care Act in exchange for keeping the government open and allowing the nation to pay its bills.

Markets reacted with overt jubilation, despite the fact that Wednesday’s arrangement does not so much provide a solution that would prevent a repeat of this most recent political calamity, as much as it would simply postpone it until the beginning of next year. Indeed, the deal keeps the government funded through early January, and raises the debt limit until early February, which could leave Americans facing a nearly identical situation right after the holidays.

By the closing bell, the Standard & Poor’s 500 index had added 1.38 percent, climbing to 1,721.51 points, while the Dow Jones Industrial Average rose 1.36 percent to 15,373.77, and the NASDAQ gained 1.20 percent to a tally of 3,839.43.

The deal in Washington also sent oil prices higher, the biggest beneficiaries of which were independent drillers and producers. On the S&P, Pioneer Natural Resources ($PXD) was one of the top performers, closing 5.5 percent higher, with Chesapeake Energy ($CHK) in tow.

Financial stocks topped the Dow, with JPMorgan Chase (JPM) and Goldman Sachs (GS) both adding over three percent ahead of the close, despite the fact that a US Magistrate judge has ordered the company to hand over complaints it is alleged to have received on the part of some of the bank’s female employees who feel as though they had been discriminated against during their tenures.

The NASDAQ was helped by healthcare stocks, with Keryx Biopharmaceuticals (KERX) jumping almost 20 percent on news of an upgrade from Roth Capital, while Geron Corporation (GERN) was 40 percent higher by the closing bell after its stock was also upgraded. Meanwhile, Solar City (SCTY) was also among the exchange’s best performance, finish 12 percent higher after announcing the acquisition of rival Zep Solar.

Twitter made official its intent to be listed on the New York Stock Exchange in filings with the Securities and Exchange Commission late on Tuesday. The social media giant has gone to great lengths to hold its IPO as differently as possible from other techs, who usually list on the NASDAQ.

 

[Image Courtesy of Wikimedia Commons]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for PXD
PolgarStocks
25 Jan 15 18:05:15
$PXD Volume Click Here: http://t.co/XCE3xXV7wK Also See: $AB $TKECY $SFMGF $UMPQ ~
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25 Jan 15 11:26:23
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ProTradersNews
25 Jan 15 09:06:01
$PXD: Here's Why Pioneer Natural Resources' Stock Slipped 15.7% in 2014: http://t.co/fEuwfoJJUZ
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25 Jan 15 07:32:07
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24 Jan 15 19:59:17
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Stock Rocket
23 Jan 15 22:59:31
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Mad Pole
23 Jan 15 21:20:42
@The_Real_Fly I contracted at $PXD in 1999. Oil was $15 their stock was $16 and their employees pissed because their options were worthless.
FlashRatingsHOT
23 Jan 15 12:58:03
$PXD has 3 analyst ratings in the last 7 days and 66% are positive. Median target: $176.5 https://t.co/tCO0dDcOyD #PXD
DK1
23 Jan 15 11:12:22
$PXD +15.75 currently
Irma Doucet
23 Jan 15 10:00:56
$PXD Pioneer Natural Resources: A Survivor Amid The Oil Onslaught http://t.co/XfI5XNzh32
Market Realist
23 Jan 15 08:58:12
Earnings preview: ConocoPhillips’ year in review $COP $PXD $CLR $XLE http://t.co/NRJQwWQRS7
Cesar
23 Jan 15 08:13:55
@carlquintanilla @apppro1 @BobPisani @TheKillir @jimiuorio $CXO $PXD $EOG price action say they bottomed.. Watch $XOM n $CVX next..
smtrader StockTrader
23 Jan 15 07:27:37
$PXD broken out above 154.49
Stock Rocket
23 Jan 15 06:34:54
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Jeffrey Blake
23 Jan 15 06:31:05
$PXD Meet Pioneer Natural Resources' man behind $2.5B in M&A deals http://t.co/xRyZQCR0Bx
James P Worthy
23 Jan 15 06:31:04
$PXD Pioneer Natural Resources: A Survivor Amid The Oil Onslaught http://t.co/HUoto221eC
equities.com
23 Jan 15 06:19:59
Who Will Survive Oil's Crash? $TPLM $TPO:CA $PXD $FANG $NGS $SSE $CHK $GST $gpor $ESTE http://t.co/YYaNksPNLl
Penny Stock Secret
23 Jan 15 06:14:23
The Stock Picking Service of 2014 Watch This! Here http://t.co/vezCDY95do .. $JNPR $PXD $NVE
WKRB News
23 Jan 15 05:51:38
Pioneer Natural Resources Given BBB Credit Rating by Morningstar $PXD http://t.co/HVtnEbr6jt
US Banking News
23 Jan 15 05:45:49
Pioneer Natural Resources Given BBB Credit Rating by Morningstar $PXD http://t.co/mrKUWYoC3z
Stockaholics
23 Jan 15 02:44:54
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ProVesting
23 Jan 15 00:06:04
$PXD: Pioneer Natural Resources Short Interest Grows: http://t.co/6mAm3yGVhY
Spill Report
22 Jan 15 16:00:58
#spill in Las Animas Co., CO at a site owned by Pioneer Natural $PXD http://t.co/4dsy7fTeKH http://t.co/lXQnBZeIue
Spill Report
22 Jan 15 16:00:29
#spill in Las Animas Co., CO at a site owned by Pioneer Natural $PXD http://t.co/55JCpkBl7F http://t.co/tN0za5K8Pf
Blueshift Research
22 Jan 15 14:44:59
@OvercomerNation @jcspe85 $PXD $APA & $CJES were names that came from sources as stronger contenders in the market.
Soundiata Abass BA
22 Jan 15 13:27:18
RT @BloombergDeals: $PXD's pipeline unit in Eagle Ford basin said to get bids from $EPD, $ETE and $WMB, @MattMonks123 reporting. Expected t…
Market Int Center
22 Jan 15 12:14:32
Pioneer Natural Resources $PXD Showing Support Near $145.90 ( http://t.co/mbIU4xNIrU )
Stock Rocket
22 Jan 15 12:01:23
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TalkMarkets Recap
22 Jan 15 11:56:59
#Oil Rigs Exit Pricey Permian $OXY $PXD $LPI $CXO $CLR $OAS $WLL http://t.co/w0GlGFxtCB
James P Worthy
22 Jan 15 10:34:20
$PXD Is Now the Best Time to Buy Pioneer Natural Resources' Stock? http://t.co/Fy5W5Wq4op
apppro
22 Jan 15 09:25:03
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ProVesting
22 Jan 15 08:31:02
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Penny Stock Secret
22 Jan 15 07:48:14
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22 Jan 15 06:15:10
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Energize Minnesota
22 Jan 15 05:42:50
The Great Oil Price War Of 2014 -15 | Seeking Alpha http://t.co/VYlyUkJd7v $CLR, $CVX, $EOG, $PXD, $STO
TalkMarkets
22 Jan 15 05:23:10
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♫♪ Soul Girl ♪♫
22 Jan 15 03:13:23
RT @smtraderCA: Blog Post "Energy Watch - 1/21/2015" http://t.co/N7U4BI8MxV $FANG $CLR $SN $BBG $PXD $DVN $BP $CXO $PBR $CL_F $EWZ
12Stocks.com
22 Jan 15 03:02:40
Weekly S&P500 #Stocks Performance $NFLX $NEM $NFX $PSX $TSO $SWN $NBL $LYB $DAL $NE $PXD $OKE $ESV $NTRS more@ http://t.co/RPeaHChahC
Stockaholics
21 Jan 15 23:40:18
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Ug Nd
21 Jan 15 23:28:39
RT @OptionsHawk: Into OPEC Meeting seems the more levered Oil names w/ call accumulation $CLR $PXD $OAS while less levered w/ put buying, m…
Trader Thomas
21 Jan 15 21:55:03
$PXD looking good for a breakout move. http://t.co/3XImpxpU6x
Stock Rocket
21 Jan 15 19:58:13
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Greenspud Trades
21 Jan 15 19:34:15
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Alpha Maven
21 Jan 15 19:12:44
RT @SeekingAlpha: The Great Oil Price War Of 2014 -15 http://t.co/ph7Yk5hiHQ $CLR $CVX $EOG $PXD $STO
				
				
By  +Follow October 16, 2013 4:31PM
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