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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
$Stocknewsalerts
20 Oct 14 14:15:46
$PXD ALERT: New Pioneer Natural Resources Company SEC Filing From our Stock News Alerts App
4-traders.com
20 Oct 14 14:15:21
PIONEER NATURAL RESOURCES : Results of Operations and Financial Condition, Regulation FD Disclosure (form 8... http://t.co/9o3HYccBK6 $PXD
BV Basic Materials
20 Oct 14 14:15:12
$PXD Pioneer Natural Resources Co files Form 8-K (Events or Changes Between Quarterly Reports) SEC Fil.. http://t.co/o00zHPysq1
Stockaholics
20 Oct 14 12:07:58
After Massive Gains On Penny Stock Picks, another New Pick Is Coming! Check it out: http://t.co/YX0NLZhRQ5 $JNPR $PXD $NVE
Jean Fonteneau
20 Oct 14 09:58:57
$CL_F still a drag but oil stocks seems to think it's not going to $80 & below they have a decent bid again today $XLE $OIH $EOG $PXD $HCLP
InterCooler
20 Oct 14 08:20:46
Pioneer Natural Resources Rating Reiterated by Morgan Stanley $PXD http://t.co/Jo9RG6HC0f
Ticker Report
20 Oct 14 07:28:41
Pioneer Natural Resources’s “Equal Weight” Rating Reaffirmed at Morgan Stanley $PXD http://t.co/u87D2YfpIu
US Banking News
20 Oct 14 07:26:32
Pioneer Natural Resources Rating Reiterated by Morgan Stanley $PXD http://t.co/kF0accqPxB
US Consumer News
20 Oct 14 07:19:31
Pioneer Natural Resources's equal weight rating reiterated at Morgan Stanley. $216.00 PT. http://t.co/oGiypQ7Irz $PXD #PXD
Analyst Ratings
20 Oct 14 07:19:03
Pioneer Natural Resources's equal weight rating reiterated at Morgan Stanley. $216.00 PT. http://t.co/5tK82yL71U $PXD #PXD
Paul Johnson
20 Oct 14 06:16:32
Analyst notes: $SIRO, $ARMH, $FANG, $GNTX, $HAR, $JCI, $LVS, $PXD, $ATHN, $BWA targets cut, $REGN, $TWTR, $CBOE targets raised...
4-traders.com
19 Oct 14 23:20:06
Pioneer Natural Resources : Reliance seeks sale of Eagle Ford stake http://t.co/Pi8ITt6W7X $PXD $C
G_Schwarzenbach
19 Oct 14 11:59:51
RT @valuewalk: Weitz Value Fund Gains On $VRX, $DTV, $MSFT, $PXD, $APA; Buys $DISCA $PXP http://t.co/1Qsohcguqv $EBAY BRK.A $BRK.B $WFC
ValueWalk
19 Oct 14 11:56:53
Weitz Value Fund Gains On $VRX, $DTV, $MSFT, $PXD, $APA; Buys $DISCA $PXP http://t.co/1Qsohcguqv $EBAY BRK.A $BRK.B $WFC
Stockaholics
18 Oct 14 13:52:02
IBIO Closed Up 69.84% After Our Penny Stock Alert! New Picks Coming: http://t.co/OG2rloNNni $JNPR $PXD $NVE
Stockaholics
18 Oct 14 11:20:47
IBIO Closed Up 69.84% After Our Penny Stock Alert! New Picks Coming: http://t.co/OG2rloNNni $JNPR $PXD $NVE
StreetAuthority
17 Oct 14 09:30:24
$PXD $RICE $CHK reported different oil reserves to investors & to SEC. Here's my take: http://t.co/wPFyM6lRsH 1st reported by @BloombergNews
Lucretia
17 Oct 14 09:00:42
$PXD Is It Time to Buy Pioneer Natural Resources' Stock? http://t.co/KRAZBQb3j2
Jeffrey Blake
17 Oct 14 09:00:41
$PXD Pioneer Natural Resources to Double Its Exports of Ultra-Light Oil http://t.co/QaIzWyHRtj
StockSpotter
17 Oct 14 08:02:13
$PXD up 3.0% to 183.23 after bullish trade setup #stocks #options #trading http://t.co/vKSNSCTrVt
Market Int Center
17 Oct 14 07:23:35
Potential Pioneer Natural Resources $PXD Trade Has 7.64% Downside Protection ( http://t.co/aEJwlxVwK6 )
Al Sabogal
17 Oct 14 06:58:24
$PXD - 30pts off low http://t.co/YSXJdHlyjY
Ticker Report
17 Oct 14 05:13:38
Morningstar Gives BBB Credit Rating to Pioneer Natural Resources $PXD http://t.co/xY2tPOUps7
kenr0966
17 Oct 14 04:37:55
RT @Consestimate: 'Mad Money' Lightning Round: Stay the Course With Facebook. $FB, $REGN, $PXD. http://t.co/ydMi6T9wGT http://t.co/21lc10tZ…
Consestimate
17 Oct 14 04:23:16
'Mad Money' Lightning Round: Stay the Course With Facebook. $FB, $REGN, $PXD. http://t.co/ydMi6T9wGT http://t.co/21lc10tZBV
Consestimate
17 Oct 14 04:21:47
'Mad Money' Lightning Round: Stay the Course With Facebook. $FB, $REGN, $PXD. http://t.co/ydMi6T9wGT http://t.co/ImqmLFWSYy
Consestimate
17 Oct 14 04:20:34
'Mad Money' Lightning Round: Stay the Course With Facebook. $FB, $REGN, $PXD. http://t.co/ydMi6T9wGT http://t.co/kAexJRjSHM
audrey daum
17 Oct 14 03:46:51
RT @SeekingAlpha: Cramer's Lightning Round - You Get Good News From Regeneron (10/16/14) http://t.co/GlAzm3mktR $XOM $REGN $ACAD $PXD $D
Marketwizemedia
17 Oct 14 03:10:20
RT @SeekingAlpha: Cramer's Lightning Round - You Get Good News From Regeneron (10/16/14) http://t.co/GlAzm3mktR $XOM $REGN $ACAD $PXD $D
Seeking Alpha
17 Oct 14 03:09:01
Cramer's Lightning Round - You Get Good News From Regeneron (10/16/14) http://t.co/GlAzm3mktR $XOM $REGN $ACAD $PXD $D
Stockaholics
17 Oct 14 01:01:16
Platinum Penny Stock Picks Gained 125% last week! New Pick Coming Today! Check It Out: http://t.co/7gQJ2ZCjuq $JNPR $PXD $NVE
Stockaholics
16 Oct 14 17:06:45
ABPI Gained 1,587.50% In 3 days! Big News: http://t.co/7gQJ2ZCjuq $JNPR $PXD $NVE
SlushPit
16 Oct 14 16:52:28
RT @Ed_Crooks: Compare views of Scott Sheffield of $PXD: sub-$80 WTI means "some cutback", sub-$70 means "significant cutback". http://t.co…
Gotham City Capital
16 Oct 14 16:04:43
RT @BiotechMoney18: $XLE $PXD $CHK $EMES energy names on a good bouce back today.
$$$ Money $$$
16 Oct 14 15:09:10
$XLE $PXD $CHK $EMES energy names on a good bouce back today.
Silvio C P Camargo
16 Oct 14 12:24:32
RT @valuewalk: Selling The Shale Boom [CHART] http://t.co/VajLeaZdJT $CHK $PXD $MRO $KWK $GDP $RICE http://t.co/yeCZ2VuS1w
Market Int Center
16 Oct 14 11:30:01
Pioneer Natural Resources $PXD Showing Resistance Near $182.88 ( http://t.co/XrEm1scZBV )
Ed Crooks
16 Oct 14 10:54:34
Compare views of Scott Sheffield of $PXD: sub-$80 WTI means "some cutback", sub-$70 means "significant cutback". http://t.co/crDHmMyIzi
Robert Lesnicki
16 Oct 14 10:49:58
$PXD Important reversal to hold. Needs confirmation next week http://t.co/kvY0EwAWTI
Yu Zhu
16 Oct 14 10:30:39
RT @valuewalk: Selling The Shale Boom [CHART] http://t.co/VajLeaZdJT $CHK $PXD $MRO $KWK $GDP $RICE http://t.co/yeCZ2VuS1w
ValueWalk
16 Oct 14 10:26:43
Selling The Shale Boom [CHART] http://t.co/VajLeaZdJT $CHK $PXD $MRO $KWK $GDP $RICE http://t.co/yeCZ2VuS1w
Penny Stock Secret
16 Oct 14 10:11:12
This Guy Made $4 Million Trading Because He Knew How To Spot Stocks! Click Here http://t.co/SVqoMkrw2z .. $JNPR $PXD $NVE
Thomas Collins
16 Oct 14 09:00:45
$PXD Pioneer Natural Resources to Double Its Exports of Ultra-Light Oil http://t.co/L50oOOGfHX
Kristin
16 Oct 14 08:41:21
$EMES best in its class, $FANG $PXD. Trade EMES you can buy Hermes. It rhymes.
Large Void Bot
16 Oct 14 07:53:12
Daily Reversals: $CAM, $PXD, $VC, $LPLA, $TTI, $HAR, $NDSN, $UNT, $TPX
Robert Lesnicki
16 Oct 14 06:55:44
$XOP Red to green. Oil&gas is trying to bottom here. Watch $PXD $CXO $EOG
Irma Doucet
16 Oct 14 06:01:56
$PXD Is It Time to Buy Pioneer Natural Resources' Stock? http://t.co/OtaaXzpjmv
John Turner
16 Oct 14 06:01:55
$PXD Pioneer Natural Resources to Double Its Exports of Ultra-Light Oil http://t.co/2CWE5NuWpN
Paul Johnson
16 Oct 14 05:47:22
$BITA, $FLT, $MBLY, $ATHN targets upped, $BLK, $EOG, $PXD, $KOG, $LVS, $NFLX, $SAVE, $KORS cut, $AFSI to outperform, $ILMN to overweight...
gordon gekko is god
16 Oct 14 01:05:01
Fundamentals Of Pioneer, The Permian Basin And Oil Prices http://t.co/ULr3u8vNaQ $PXD, $APA, $CXO, $EOG, $OXY
				
				
By  +Follow October 16, 2013 4:31PM
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