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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 Int Center
22 Aug 14 10:22:35
Pioneer Natural Resources $PXD Showing Support Near $201.04 ( http://t.co/NLEj5pGysW )
Johnny Trades
22 Aug 14 09:54:46
$PXD Still building a base look out toward Oct if you want to go L
$Stocknewsalerts
22 Aug 14 05:13:23
$PXD ALERT: New Pioneer Natural Resources Company SEC Filing From our Stock News Alerts App
NASDAQ
22 Aug 14 05:10:09
$PXD - Statement of Changes in Beneficial Ownership (4) http://t.co/peln3ZEEWo
merrillmouse
21 Aug 14 13:11:19
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
Daily Contracts
21 Aug 14 11:43:00
Real-Time feed of company contracts, original agreements and executive updates from Pioneer Natural Resources $PXD http://t.co/JoHMFuP2Kd
Financial News
21 Aug 14 10:42:42
$PXD: 5 Things Pioneer Natural Resources' Management Wants You to Know http://t.co/qZwDm6Fwyz http://t.co/vSp66Muo7u
Wanda B.
21 Aug 14 10:14:50
RT @Fibonacciqueen: $PXD had a nice pullback and has held so far...206.70 is a minor target off this time frame...risk is below 201.70 http…
Carolyn Boroden
21 Aug 14 09:50:05
$PXD had a nice pullback and has held so far...206.70 is a minor target off this time frame...risk is below 201.70 http://t.co/bl5YTWV37O
RationalInvestor
21 Aug 14 09:19:25
http://t.co/XQPTdAeWm3 $CWEI $CIE $PXD
Daniel Shine
21 Aug 14 06:57:44
$PXD if you can handle a $4 stop, and a Nov swing horizon, then this is a pretty good RR trade
InterCooler
21 Aug 14 05:20:58
Pioneer Natural Resources $PXD Declares Quarterly Dividend of $0.04 http://t.co/IiBM0vHFwm
US Banking News
21 Aug 14 04:29:54
Pioneer Natural Resources announces quarterly dividend of $0.04. Payable on 10/10/2014. 0.08% Yield. http://t.co/MtoIzBIUbT $PXD #PXD
Business News Now
20 Aug 14 16:42:53
$PXD: Pioneer Natural Resources Earnings: 1 Number Investors Can't Afford to Miss http://t.co/BWZyoSI6f8 http://t.co/Ty9sFvZTP5
MICHAEL FILLOON
20 Aug 14 16:37:07
Pioneer Natural Resources declares $0.04 dividend http://t.co/Ft0atJCn4W $PXD
InterCooler
20 Aug 14 15:18:03
Pioneer Natural Resources $PXD Declares Quarterly Dividend of $0.04 http://t.co/U4yvkm2nQK
Wanda B.
20 Aug 14 15:16:38
RT @Fibonacciqueen: $PXD let's take a peek http://t.co/3F063KkyY2
US Banking News
20 Aug 14 15:11:29
Pioneer Natural Resources $PXD Declares Quarterly Dividend of $0.04 http://t.co/VFLWxn0H0w
Carolyn Boroden
20 Aug 14 14:54:31
$PXD let's take a peek http://t.co/3F063KkyY2
Forex Insight
20 Aug 14 14:53:11
RT @ForTraders: Pioneer Natural Resources : to Participate At The Simmons European Energy Conference http://t.co/9lI8t5YNfw $PXD
$Stocknewsalerts
20 Aug 14 14:51:29
$PXD Pioneer Natural Resources to Participate At The Simmons European Energy Conference From our Stock News Alerts App
NASDAQ
20 Aug 14 14:50:05
$PXD - Pioneer Natural Resources to Participate At The Simmons European Energy Conference http://t.co/fjlkXWjeHp
4-traders.com
20 Aug 14 14:50:04
Pioneer Natural Resources : to Participate At The Simmons European Energy Conference http://t.co/9lI8t5YNfw $PXD
Dave Neville
20 Aug 14 14:48:20
Pioneer Natural Resources Declares Dividend on Common Shares: Business Wire http://t.co/ofMDbYiiJW via @MSN_Money $PXD
BV Basic Materials
20 Aug 14 14:48:02
$PXD Pioneer Natural Resources to Participate At The Simmons European Energy Conference.. http://t.co/svjhxymo1w
Biz Headlines
20 Aug 14 13:42:53
$PXD: Pioneer says 400,000 barrel of condensate exported last week by Enterprise http://t.co/Ftis1JaMk8 http://t.co/b56EJT15kf
$Stocknewsalerts
20 Aug 14 13:38:58
$PXD Pioneer Natural Resources Declares Dividend on Common Shares From our Stock News Alerts App
MarketCurrents
20 Aug 14 13:38:04
Pioneer Natural Resources declares $0.04 dividend http://t.co/mFgBmSc1CP $PXD
NASDAQ
20 Aug 14 13:31:08
$PXD - Pioneer Natural Resources Declares Dividend on Common Shares http://t.co/Td27nLz4Rk
BV Basic Materials
20 Aug 14 13:30:47
$PXD Pioneer Natural Resources Declares Dividend on Common Shares.. http://t.co/1xGGxmOdwZ
Media Sentiment
20 Aug 14 10:34:54
$PXD received a new alert. Find out why at http://t.co/WHJp8eTsSr #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 312
Johnny Trades
20 Aug 14 10:31:41
$PXD Working off the 200 print this can have some room till 214
Market Int Center
20 Aug 14 10:31:34
Pioneer Natural Resources $PXD Showing Bearish Technicals With Resistance At $206.39 ( http://t.co/S2ktkKc1uD )
Market Updates
20 Aug 14 07:42:52
$PXD: LINN Energy Announces $340 Million Acquisition From Pioneer Natural ... http://t.co/f21KHvKzpP http://t.co/QzZKrf0mYP
Investors Observer
20 Aug 14 07:07:03
Hedged Trading ideas for $TJX, $MBLY, $NFLX, $PXD and $SWHC from InvestorsObserver. http://t.co/AuvlgYXchq #optionstrading #stockmarket
Julian Close
20 Aug 14 07:07:03
Hedged Trading ideas for $TJX, $MBLY, $NFLX, $PXD and $SWHC from InvestorsObserver. http://t.co/T78EhSN8X3 #optionstrading #stockmarket
merrillmouse
19 Aug 14 13:19:05
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
Catalyst Trader
19 Aug 14 12:42:38
Energy recent under performance, but many consolidating near support. $XEC $PXD $CXO $CRZO $WLL strong earnings worth a look here
Dr. Paul DeSantis
19 Aug 14 12:03:08
@SJosephBurns @Lhommeancien agree ive made a conscious effort to do that this year $PXD $GILD $ISIS etc
Czech Racer
19 Aug 14 11:26:17
@jimcramer Jim, I have been in the mtns of WY so missed some updates...off the grid. Need Cramerica fix. Quick thoughts on $pxd?
Business Updates
19 Aug 14 10:42:35
$PXD: Pioneer Natural Q2 Earnings Beat Estimates, Revenues Miss http://t.co/5nIPNetHO6 http://t.co/7Z1umCE2Am
MOHAMMAD ALZAHRANI
19 Aug 14 09:54:20
$AAPL $GOOG $PCLN $NFLX $FB #OPTIONS $PXD 205 call 29Aug op:3.30$
Market Int Center
19 Aug 14 09:50:00
Potential Pioneer Natural Resources $PXD Trade Targets 3.28% Return ( http://t.co/52mAX68GgE )
Seeking Alpha
19 Aug 14 09:37:42
Is Valero Energy A Good Investment? http://t.co/C3wpBao5Jh $CST $EPD $PXD $VLO
Daniel Shine
19 Aug 14 05:48:02
$EOG if it get anywhere close to $100, back up the truck. It's only down in sympathy w/ $PXD
chartguy89
18 Aug 14 18:12:41
PXD 204.04 Stock Charts $PXD Pioneer Natural Resources Co. (NYSE) Last Updated: 08/18/2014 20:12:41 PXD Stock http://t.co/hPa19kq6Vp
Market Monitor
18 Aug 14 14:42:41
$PXD: Pioneer Natural Resources sells Barnett Shale holdings http://t.co/Ii8YvxMMPx http://t.co/kCEV9ANTcM
4-traders.com
18 Aug 14 14:25:03
PIONEER NATURAL RESOURCES : Regulation FD Disclosure (form 8-K) http://t.co/yXKsfDGs2l $PXD
$Stocknewsalerts
18 Aug 14 14:23:06
$PXD ALERT: New Pioneer Natural Resources Company SEC Filing From our Stock News Alerts App
BV Basic Materials
18 Aug 14 14:20:28
$PXD Pioneer Natural Resources Co files Form 8-K (Events or Changes Between Quarterly Reports) SEC Fil.. http://t.co/hJTiUov2QF
				
				
By  +Follow October 16, 2013 4:31PM
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