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

By  +Follow October 16, 2013 4:31PM
Tickers Mentioned:

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]

Results for PXD
18 Apr 14 15:57:03
$PXD Nintendo Joins with the National Park Foundation to Support the 2014 White ... http://t.co/ra4piI7wih
18 Apr 14 15:26:55
Weekly S&P500 #Stocks Trend $AGN $PXD $MU $TSO $SNDK $VLO $COG $WPX $FTR $NBL $COP $AA $MPC $MUR $CHK $BHI @ http://t.co/ppYlnKK6xM
18 Apr 14 15:26:54
Weekly S&P500 #Stocks Performance $AGN $PXD $MU $TSO $EW $SNDK $YHOO $VLO $SCHW $COG $WPX $FTR $NBL $COP more@ http://t.co/ppYlnKK6xM
18 Apr 14 15:07:06
$PXD The Flip Side of Professional Development http://t.co/GmWeLYsJB1
Jaydan Gelson
18 Apr 14 13:23:13
Small-cap stocks making 52-wk highs $PXD $SATS $LKQ $YOD #financial http://t.co/HR3opDEbIF
Thad Bannister
18 Apr 14 13:21:49
Is it breakout time on $PXD $ITW $QGEN $GAIN #financial http://t.co/9XtAZ20ICq
Alistair Alexander
18 Apr 14 12:49:43
$DHR Buying or selling? $PXD $NFX $DF #financial http://t.co/0X6aq7Luu6
Kamren Martinez
18 Apr 14 10:17:28
Looking for the next $PXD $X $MSFT $ARNA #NSE http://t.co/YXX8Yg2ofv
VGW Capital Advisors
18 Apr 14 09:26:12
"@crosshairtrader: $PXD hitting the first dotted line. Chart from 3/28. http://t.co/GIQ3Qf8pLa"
Laird McQuillen
18 Apr 14 09:07:16
#Stocks you might want to hold onto $CBOE $PXD $KMB $GOOG #StockMarket http://t.co/YbtkrPUHCA
Sky Hunter
18 Apr 14 05:33:38
#Stocks you might want to buy $FMC $AIG $PXD $GLD #equity http://t.co/Fcui1d2oan
Hui Veal
18 Apr 14 05:09:47
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18 Apr 14 04:20:23
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Stock Watch
18 Apr 14 04:14:08
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Jaycob Keating
18 Apr 14 04:05:22
Great #Stock Newsletter on $UB $GXP $PXD $CLF #wallstreet http://t.co/JZxibx5NB7
18 Apr 14 03:01:37
Weekly S&P500 #Stocks Trend $AGN $PXD $MU $TSO $SNDK $VLO $COG $WPX $FTR $NBL $COP $AA $MPC $MUR $CHK $BHI @ http://t.co/ppYlnKK6xM
18 Apr 14 03:01:37
Weekly S&P500 #Stocks Performance $AGN $PXD $MU $TSO $EW $SNDK $YHOO $VLO $SCHW $COG $WPX $FTR $NBL $COP more@ http://t.co/ppYlnKK6xM
Leighton Aldaine
18 Apr 14 02:41:36
$MAN #Stocks you might want to sell $PXD $DISH $EPZM View now http://t.co/Ap2Dsu3IYB
18 Apr 14 02:17:24
Over 5,000% gains on Penny Stock Alert's in 4 months! Subscribe Today: http://t.co/5B5saivZk0 $JNPR $PXD $NVE
Luther Black
18 Apr 14 01:44:05
Top #Stocks today. Find out why. $TYC $PXD $X $QLYS Click http://t.co/o0xudtqDbF
Brenden Black
18 Apr 14 00:28:11
#Stocks you might want to sell $PXD $PSA $RBC $IGN #moneymanagement http://t.co/enPO0W39cY
18 Apr 14 00:28:09
$PXD Indian environmentalists battle Sandpiper pipeline http://t.co/HX8iQhwvb0
17 Apr 14 23:00:07
Over 5,000% gains on Penny Stock Alert's in 4 months! Subscribe Today: http://t.co/5B5saivZk0 $JNPR $PXD $NVE
17 Apr 14 22:05:04
Pioneer Natural Resources : Reports Closing of Sale of Alaska Subsidiary to Caelus Energy Alaska http://t.co/HTyMM2MAKZ $PXD
17 Apr 14 20:45:01
$PXD - Jim Cramers Stop Trading: PXD CLB EOG -> http://t.co/V7O6cc3seu #stock #stocks #stockaction
Stock Herald
17 Apr 14 20:01:34
$PXD: [video] Cramers Stop Trading: Energy Revolution http://t.co/UNGQlq1Ixk
17 Apr 14 19:45:34
$PXD: [video] Cramers Stop Trading: Energy Revolution http://t.co/5zL2xWPt9f
17 Apr 14 19:36:37
$PXD - [video] Cramers Stop Trading: Energy Revolution -> http://t.co/NmVNSIe680 #stock #stocks #stockaction
G. Thomas Lackey, Jr
17 Apr 14 17:58:31
April 17, 2014 Relative Strength Scans http://t.co/Vpz5qVMysv $DBA $USO $SPY $IEO $IDU $IYT $NBR $XCO $CRR $WFT $APC $PXD
Fergus Hillo
17 Apr 14 17:46:14
It could be breaktout time on $FMC $DHI $PXD $YOD Worth a look http://t.co/9TieuLzmkT
Inga Chisholmz
17 Apr 14 16:51:31
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17 Apr 14 16:44:30
Commented on StockTwits: $study don't forget relative strength in $fang & $pxd, flight to low pe energy/oil earners http://t.co/wTl7rFq9Vq
Hans Hoskins
17 Apr 14 16:09:06
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Brick Brocker
17 Apr 14 16:06:37
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Jeraldine Ison
17 Apr 14 15:08:31
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17 Apr 14 14:44:35
Edmond Flores
17 Apr 14 14:09:42
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Robin Cage
17 Apr 14 14:00:22
#Stock Market Reports you need on $NAV $TSS $PXD $CSIQ #investing http://t.co/avwMijFn6A
17 Apr 14 12:59:19
S&P500 #Stocks Trend $SNDK $MU $BHI $DOV $GE $NBL $LO $DNR $AGN $PXD $SHW $SLM $TSO $NOV $DNB $BSX $CVX $WMB @ http://t.co/ppYlnKK6xM
Mark Anthony
17 Apr 14 10:57:08
@billgunderson Over last 1 year, $PXD and $CLR both went up 82%, YTD $PXD is 10.39%, $CLR 20.38%.
Redmond Green
17 Apr 14 10:47:33
Insider Trading alerts on $PXD $LEG $ATML $IR #personalfinance http://t.co/xAW8BaPKfY
Miller Bailey
17 Apr 14 10:25:10
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Fausto Tilley
17 Apr 14 10:00:14
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Jay East
17 Apr 14 09:56:22
Are you considering selling $PXD $KMB $CPT $BWP #NSE http://t.co/j2euHthGOM
Bret Kenwell
17 Apr 14 09:25:04
@JimCramer's #StopTrading: $PXD $CLB $EOG -- which stock stand to benefit from the 'new king of oil?' http://t.co/ncESY146gL via @TheStreet
17 Apr 14 08:49:36
$PXD Jim Cramer's Stop Trading: PXD CLB EOG http://t.co/lQFJdTOsOa
Day Brooks
17 Apr 14 08:25:02
#Stocks you might want to sell $WFM $OI $PXD $USD #investing http://t.co/wShxJk7mWQ
Albert Perales
17 Apr 14 07:54:04
Should you hold or add to $BCR $PDCO $PXD $CAG #equity http://t.co/ImjIr588dB
17 Apr 14 07:48:34
$PXD [video] Cramer's Stop Trading: Energy Revolution http://t.co/6vDA8ZMRPF
J L Mitchell
17 Apr 14 07:34:02
@jimcramer healthy profit in $KOG. Time to move to $PXD? Nice problem to have..
By  +Follow October 16, 2013 4:31PM



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