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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
Chris Kader
24 Oct 14 05:35:25
@talkequities @wandy922 I use them a lot. Watching $PXD for log term entry / hold
John Turner
23 Oct 14 14:02:03
$PXD Guggenheim Securities Upgrades Pioneer Natural Resources To Buy http://t.co/Jtx5nFEqBp
Tim Newington
23 Oct 14 11:57:25
RT @SeekingAlpha: Global Oil Markets: There And Back Again http://t.co/BSx1DOJN2Z $HAL $OXY $PXD $RSPP $OIL $USO $BNO $SCO
JPU
23 Oct 14 11:49:23
RT @SeekingAlpha: Global Oil Markets: There And Back Again http://t.co/BSx1DOJN2Z $HAL $OXY $PXD $RSPP $OIL $USO $BNO $SCO
Quantpost Basic Mats
23 Oct 14 11:48:51
$HAL $OXY News: "Global Oil Markets: There And Back Again $HAL $OXY $PXD $RSPP …" http://t.co/GBiikbV2f7 Board view: https://t.co/IavEgVDajN
Seeking Alpha
23 Oct 14 11:48:48
Global Oil Markets: There And Back Again http://t.co/BSx1DOJN2Z $HAL $OXY $PXD $RSPP $OIL $USO $BNO $SCO
Media Sentiment
23 Oct 14 10:04:57
$PXD received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 516
Market Int Center
23 Oct 14 10:00:36
Pioneer Natural Resources $PXD Showing Bearish Technicals With Support At $172.84 ( http://t.co/zhL8ylX2RF )
Daily Contracts
23 Oct 14 09:37:00
Real-Time feed of company contracts, original agreements and executive updates from Pioneer Natural Resources $PXD http://t.co/JoHMFuP2Kd
Seeking Alpha
23 Oct 14 09:00:06
Oil & Gas Stocks: Is This Correction Over? http://t.co/gkn0rkNoqg $CLR $PXD $WLL $XEC
Lindsey Cabot
23 Oct 14 08:35:21
RT @SeekingAlpha: Oil & Gas Stocks: Is This Correction Over? http://t.co/64RpG8wFjI $CLR $PXD $WLL $XEC
DR JAMES CABOT
23 Oct 14 08:35:15
RT @SeekingAlpha: Oil & Gas Stocks: Is This Correction Over? http://t.co/64RpG8wFjI $CLR $PXD $WLL $XEC
Seeking Alpha
23 Oct 14 08:31:46
Oil & Gas Stocks: Is This Correction Over? http://t.co/64RpG8wFjI $CLR $PXD $WLL $XEC
John Michael
23 Oct 14 06:38:05
RT @SeekingAlpha: Are Producers Haunted By Gas Price Drop Still Profitable? http://t.co/LJkuI2zd19 $DVN $ECA $PXD $TLM
Seeking Alpha
23 Oct 14 06:30:21
Are Producers Haunted By Gas Price Drop Still Profitable? http://t.co/LJkuI2zd19 $DVN $ECA $PXD $TLM
Ticker Report
23 Oct 14 06:28:46
Pioneer Natural Resources Given “Buy” Rating at Wunderlich $PXD http://t.co/vF1NyjFzap
Stockaholics
23 Oct 14 00:57:05
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $JNPR $PXD $NVE
Mike Mustafoglu
22 Oct 14 19:47:38
$MWE $MPC $MRO $MMP $NE $OII $OKE $OKS $OXY $PTEN $PXD $QRE $RDC $SLB $SPWR $SU $SUNE $SXL $TSO $VLO $WNR $XOM Bearish Stochastic Cross
MICHAEL FILLOON
22 Oct 14 19:41:30
Pioneer Natural Resources's buy at Wunderlich. $215.00 PT. http://t.co/gBnffTPNLw $PXD #PXD via @RatingsNetwork http://t.co/ucgCUg8F7Z #Oil
Media Sentiment
22 Oct 14 10:40:09
$PXD received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 463
Market Int Center
22 Oct 14 10:39:40
Pioneer Natural Resources $PXD Showing Bearish Technicals ( http://t.co/ZAkbN4Et9a )
FlashRatingsHOT
22 Oct 14 09:39:54
$PXD has 3 analyst ratings in the last 7 days and 66% are positive. Median target: $215 (16% upside). View here: https://t.co/tCO0dCm1ar
Estimize
22 Oct 14 09:32:02
@TrembFredrick The WS consensus for $PXD Q3 2014 has shifted significantly downwards - http://t.co/DWtRxyjLWv
US Banking News
22 Oct 14 09:15:23
Pioneer Natural Resources Given Buy Rating at Wunderlich $PXD http://t.co/oeyBtMFknn
InterCooler
22 Oct 14 09:05:05
Pioneer Natural Resources Earns Buy Rating from Wunderlich $PXD http://t.co/ILsA999oSl
Charles Dray
22 Oct 14 08:36:53
RT @SeekingAlpha: Liar's Poker In The Oil Patch http://t.co/9W44QGe34b $WLL $EOG $LINE $PXD
Alysia Sarkisian
22 Oct 14 08:19:24
RT @SeekingAlpha: Liar's Poker In The Oil Patch http://t.co/9W44QGe34b $WLL $EOG $LINE $PXD
Michael G.
22 Oct 14 08:17:02
RT @SeekingAlpha: Liar's Poker In The Oil Patch http://t.co/9W44QGe34b $WLL $EOG $LINE $PXD
Quantpost Basic Mats
22 Oct 14 08:10:10
$EOG News: "Liar's Poker In The Oil Patch $WLL $EOG $LINE $PXD …" http://t.co/RdqLlAXOvZ Board view: https://t.co/aoh5dC5aPn
Seeking Alpha
22 Oct 14 08:10:07
Liar's Poker In The Oil Patch http://t.co/9W44QGe34b $WLL $EOG $LINE $PXD
Lamp
22 Oct 14 07:24:12
RT @StkConfidential: $ACT, $AFSI, $CELG, $ISRG, $LNKD, $BBRY, $VASC targets raised; $ABG, $ARMH, $EOG, $PXD, $VMW, $ATHL, $BCEI cut; $KS st…
Daily Contracts
22 Oct 14 06:51:00
Real-Time feed of company contracts, original agreements and executive updates from Pioneer Natural Resources $PXD http://t.co/dsJRtklyeX
TipRanks
22 Oct 14 06:22:22
1-star analyst Rob Cordray from Guggenheim upgraded rating on $PXD to BUY. Rob has a 25.0% success rate http://t.co/KB1CImUumY
Investor Wand
22 Oct 14 06:12:24
Is $PXD a BUY? Guggenheim Securities LLC thinks so:http://t.co/LTP6mjIfAi
Paul Johnson
22 Oct 14 05:36:58
$ACT, $AFSI, $CELG, $ISRG, $LNKD, $BBRY, $VASC targets raised; $ABG, $ARMH, $EOG, $PXD, $VMW, $ATHL, $BCEI cut; $KS started w.buy.
12Stocks.com
22 Oct 14 03:02:36
Weekly S&P500 #Stocks Performance $CHK $XLNX $REGN $HP $GCI $LUV $EOG $AA $DAL $WMB $MU $OKE $TSO $PXD more@ http://t.co/RPeaHBZz9y
Stockaholics
22 Oct 14 01:06:19
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $JNPR $PXD $NVE
Sandman
21 Oct 14 21:20:20
RT @chartsmarter: ChartSmarter Wednesday Game Plan: http://t.co/nYMPJX6nPr "energy lit it up Tues" $TDW $PXD $LPI $CXO http://t.co/tN1ndMN8…
Douglas Busch
21 Oct 14 17:55:40
ChartSmarter Wednesday Game Plan: http://t.co/nYMPJX6nPr "energy lit it up Tues" $TDW $PXD $LPI $CXO http://t.co/tN1ndMN83q
US Banking News
21 Oct 14 15:21:03
Guggenheim Upgrades Pioneer Natural Resources to “Buy” $PXD http://t.co/GG64Tupvnj
Nicolas Alonso
21 Oct 14 11:51:46
RT @streetauthority: $PXD $RICE $CHK reported different oil reserves to investors & to SEC. Here's my take: http://t.co/wPFyM6lRsH 1st repo…
Patrick Gallagher
21 Oct 14 11:48:48
@KeithMcCullough $PXD
Jack Trader
21 Oct 14 11:32:29
$PXD Pioneer Natural Resources to Double Its Exports of Ultra-Light Oil http://t.co/p3y0XBQ0Gr
Chris Johnson
21 Oct 14 04:49:56
Guggenheim upgrades $PXD $DVN $EOG
Analyst Ratings
21 Oct 14 04:47:53
Pioneer Natural Resources upgraded by Guggenheim to buy. http://t.co/B6YOni6y2i $PXD #PXD
SIAnalystWire
21 Oct 14 04:30:54
Guggenheim Upgrades Pioneer Natural Resources $PXD to Buy http://t.co/yJJupDfwAC
Stockaholics
21 Oct 14 00:45:04
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $JNPR $PXD $NVE
Stockaholics
20 Oct 14 20:24:14
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $JNPR $PXD $NVE
MICHAEL FILLOON
20 Oct 14 17:33:10
Pioneer Resources's equal weight at Morgan Stanley. $216.00 PT. http://t.co/9Cob1ahfEy $PXD #PXD via @RatingsNetwork http://t.co/ucgCUg8F7Z
Peter Bardens
20 Oct 14 15:02:38
$PXD Is It Time to Buy Pioneer Natural Resources' Stock? http://t.co/dOL7rbBgGa
				
				
By  +Follow October 16, 2013 4:31PM
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