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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
Market Updates
2 Sep 14 13:42:54
$PXD: Pioneer Natural Resources Receives Consensus Rating of “Hold” from Analysts ... http://t.co/EcOe2cZ0VX http://t.co/WNnAb4bDbQ
merrillmouse
2 Sep 14 13:20:31
US1 $ABBV $ACM $AIG $AVY $BX $C $CSX $CHKP $CYH $DIS $EIX $EMN $EQIX $ERJ $ESRX $F $HES $MET $MMM $NUE $NWL $NXPI $OZM $PXD $STJ $VZ $WHR
Stock Market Monitor
2 Sep 14 12:42:59
$PXD: Enterprise plans to export condensate soon, others may follow suit http://t.co/ANJg3g2yha http://t.co/0OQ5nv4Fdw
Catalyst Trader
2 Sep 14 12:17:40
$WLL $PXD $CXO $CRZO $LPI $XEC $ROSE $FANG Worldwide turmoil will have money flowing back to safety of domestic producers. Pick your fav $$
Catalyst Trader
2 Sep 14 12:12:59
Smart money is buying the dip in domestic onshore energy explorers today. Best in breed are on sale $WLL $PXD $CXO $CRZO $LPI $XEC $ROSE
Daily Contracts
2 Sep 14 12:04:00
Real-Time feed of company contracts, original agreements and executive updates from Pioneer Natural Resources $PXD http://t.co/dsJRtklyeX
Daily Contracts
2 Sep 14 09:46:00
Real-Time feed of company contracts, original agreements and executive updates from Pioneer Natural Resources $PXD http://t.co/dsJRtklyeX
$Stocknewsalerts
2 Sep 14 08:56:14
$PXD Pioneer Natural Resources Announces New Executive Management Responsibilities From our Stock News Alerts App
Envestor First
2 Sep 14 06:41:36
"@SippinCoughy: Top Picks for the rest of 2014: Energy: $MTDR $ATHL $HCLP $APC $PXD $SPWR $FSLR $TSL $YGE $SN $DVN $KWK $AXAS $GST"
renato gerena
2 Sep 14 06:04:05
RT @madmoneyfund: S&P500 #Stocks Performance $X $MS $REGN $GILD $CHK $LM $PEP $C $CELG $GS $LNC $CAM $JPM $SCHW $STT $PXD
Companies in News
2 Sep 14 05:42:51
$PXD: PIONEER NATURAL RESOURCES CO Files SEC form 10-Q, Quarterly Report http://t.co/R8yPfTdqrH http://t.co/bIBMbNgH0m
4-traders.com
2 Sep 14 05:35:07
Pioneer Natural Resources : Announces New Executive Management Responsibilities http://t.co/U4C9A8IC1e $PXD
BV Basic Materials
2 Sep 14 05:30:58
$PXD Pioneer Natural Resources Announces New Executive Management Responsibilities.. http://t.co/3zQdbLRu43
finsents
2 Sep 14 04:16:36
$PXD:US 2Sep Positive News #Sentiment http://t.co/SZKGiOYSe5 #SP500
Stockaholics
1 Sep 14 19:59:36
$IWEB closed up 100% today, on more than 290 MILLION shares traded! Huge News: http://t.co/ucQcnpafDY $JNPR $PXD $NVE
12Stocks.com
1 Sep 14 16:02:26
S&P500 #Stocks Performance $NBR $X $BSX $NFX $GHC $MUR $DGX $EA $THC $HP $MRO $CNX $NE $SWN $LH $NBL $PXD more@ http://t.co/RPeaHBZz9y
Market Updater
1 Sep 14 14:42:58
$PXD: Pioneer Natural Stays Focused on Improving Output & Reserve http://t.co/ijI7YskApB http://t.co/O1Pa1wqbSp
4-traders.com
1 Sep 14 14:20:01
Exclusive - From Seoul to Mexico City, pressure mounts to ease U.S. oil export ban http://t.co/I6XXAf3Fyn $EPD $PXD $CLR
12Stocks.com
1 Sep 14 13:00:09
S&P500 #Stocks Performance $NBR $X $BSX $NFX $GHC $MUR $DGX $EA $THC $HP $MRO $CNX $NE $SWN $LH $NBL $PXD more@ http://t.co/RPeaHBZz9y
Sarcasm Bot
1 Sep 14 10:19:54
$PXD Looks like PXD might have found support today. I'll be buying when we eclipse the 205.45 high we had a few days back.
Large Void Bot
1 Sep 14 10:00:47
Popular: $PEIX, $OAS, $FEZ, $CLR, $CHK, $FCX, $PEP, $BALT, $XHB, $NM, $SYY, $PXD, $LMT, $SLW, $GG, $GOLD, $M
12Stocks.com
1 Sep 14 08:52:13
S&P500 #Stocks Performance $NBR $X $BSX $NFX $GHC $MUR $DGX $EA $THC $HP $MRO $CNX $NE $SWN $LH $NBL $PXD more@ http://t.co/RPeaHBZz9y
Companies in News
31 Aug 14 18:42:47
$PXD: [video] Hottest stories not always hottest stock: Greenberg http://t.co/ZR3dz3n74R http://t.co/I1QeXyJof7
Warren Nung
30 Aug 14 22:42:56
RT @Catalystrader: $PXD chart http://t.co/qmLSEoQA2o $PXD long entry here at trend line support for a best in breed Permian & Eagle Ford en…
Market News Desk
30 Aug 14 18:42:44
$PXD: Pioneer Natural Resources Receives Consensus Rating of “Hold” from Analysts ... http://t.co/z1qgzHI4Ai http://t.co/V7VeJwjGYt
Stock Market Monitor
30 Aug 14 17:42:43
$PXD: PIONEER NATURAL RESOURCES CO Files SEC form 8-K, Regulation FD Disclosure http://t.co/dZEEik7ZGU http://t.co/vtWm9M0Mgl
TV_Trading Ideas
30 Aug 14 13:15:29
PXD $PXD http://t.co/crTB4hNQLH
TV_Trading Ideas
30 Aug 14 10:39:06
PXD $PXD http://t.co/5VeHp43fPF
Business News Now
29 Aug 14 16:42:48
$PXD: Why Cushing inventories rise because of refinery shut-down http://t.co/JlrVsPTm71 http://t.co/KMHCtVydpR
12Stocks.com
29 Aug 14 16:02:48
S&P500 #Stocks Performance $NBR $X $BSX $NFX $GHC $MUR $DGX $EA $THC $HP $MRO $CNX $NE $SWN $LH $NBL $PXD more@ http://t.co/RPeaHBZz9y
Stock Signaling
29 Aug 14 16:01:10
After Hours Price Advances: $KBH $S $PGH $MEMP $INVN $CDE $PXD $ARIA $RGEN $PGNX $SCI $ARNA $SWIR $APH $JNS http://t.co/Vtx6dLy0Nw #analyst
Becky Hiu
29 Aug 14 14:11:01
Basic materials sector (ind oil/gas names)-check out those charts. Very nice. $MUR $HP $CNX $SWN $NBL $PXD $RDC $APC for eg at first glance
merrillmouse
29 Aug 14 13:06:49
US1 $ABBV $ACM $AIG $AVY $BX $C $CSX $CHKP $CYH $DIS $EIX $EMN $EQIX $ERJ $ESRX $F $HES $MET $MMM $NUE $NWL $NXPI $OZM $PXD $STJ $VZ $WHR
Market Int Center
29 Aug 14 10:12:37
Pioneer Natural Resources $PXD Showing Support Near $202.71 ( http://t.co/dbJiKPZ0NY )
Market News
29 Aug 14 07:43:04
$PXD: Pioneer Natural Resources (PXD)'s Refining Capacity Saturation Dilemma http://t.co/g8oZG8WEws http://t.co/BuuXN3LKaI
Seeking Alpha
29 Aug 14 07:30:03
Approach Resources Is Significantly Undervalued http://t.co/h0g4p0Fx99 $ATHL $FANG $PXD $CXO $AREX
Catalyst Trader
29 Aug 14 07:11:25
$PXD chart http://t.co/qmLSEoQA2o $PXD long entry here at trend line support for a best in breed Permian & Eagle Ford energy name
WKRB News
29 Aug 14 04:28:29
Canaccord Genuity Lowers Pioneer Natural Resources to Hold $PXD http://t.co/YZIKXIRYD3
Alysia Sarkisian
28 Aug 14 22:47:10
RT @SeekingAlpha: Approach Resources Is Significantly Undervalued http://t.co/12TfgEWr1r $ATHL $FANG $PXD $CXO $AREX
John Michael
28 Aug 14 22:47:04
RT @SeekingAlpha: Approach Resources Is Significantly Undervalued http://t.co/12TfgEWr1r $ATHL $FANG $PXD $CXO $AREX
Seeking Alpha
28 Aug 14 22:44:12
Approach Resources Is Significantly Undervalued http://t.co/12TfgEWr1r $ATHL $FANG $PXD $CXO $AREX
Brenda Smith
28 Aug 14 19:44:47
RT @chartsmarter: ChartSmarter Friday Game Plan: http://t.co/uBahPxnNxR "energy and retail relationships" $PXD $WMT http://t.co/lVr6EfAtyZ
Stockaholics
28 Aug 14 16:11:42
$VIIC ran up 720% Today in an explosive move! Our new picks are coming soon: http://t.co/EdxLh9u5Nx $JNPR $PXD $NVE
Market Updates
28 Aug 14 14:42:48
$PXD: Pioneer Natural Resources to Participate At The Simmons European Energy Conference http://t.co/x6TJMa3Ncw http://t.co/nLWPPqglyE
LT
28 Aug 14 13:54:56
Started positions in $CJES and $PXD
$Stocknewsalerts
28 Aug 14 13:21:48
$PXD ALERT: New Pioneer Natural Resources Company SEC Filing From our Stock News Alerts App
Market Newswire
28 Aug 14 12:01:33
Pioneer Natural Stays Focused on Improving Output & Reserve - August 28, 2014 - http://t.co/5f5T1znMxv $PXD #stock #mkt #stocks
Kevin Prigel
28 Aug 14 10:50:03
$PXD spent $297M to buy a frac sand supplier in 1Q2012. With gains in $SLCA, $EMES, $HCLP, are they sitting on a billion + $ hidden asset?
SombreroBerto
28 Aug 14 10:28:35
$mhr $tplm $hk $oxy $pxd check out $PE Someone woke up today.
Business News Now
28 Aug 14 08:42:49
$PXD: Pioneer Natural Resources Earnings: 1 Number Investors Can't Afford to Miss http://t.co/BWZyoSpX10 http://t.co/11bTLIIen3
				
				
By  +Follow October 16, 2013 4:31PM
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