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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
Evener Investment
19 Sep 14 08:10:01
RT @SeekingAlpha: Update: New Acquisitions, Reserves And Communications From Parsley Energy http://t.co/BU2Lgi5wfl $CXO $PXD $RSPP $PE
Seeking Alpha
19 Sep 14 08:08:16
Update: New Acquisitions, Reserves And Communications From Parsley Energy http://t.co/BU2Lgi5wfl $CXO $PXD $RSPP $PE
Stock Rocket
18 Sep 14 23:50:02
$NETE Gained 551.93% In The Past 6 Weeks! Major News: http://t.co/PU7GW934W5 $JNPR $PXD $NVE
Ticker Report
18 Sep 14 17:52:15
Insider Selling: Pioneer Natural Resources EVP Sells 6,762 Shares of Stock $PXD http://t.co/dvUCAUav9n
InterCooler
18 Sep 14 17:06:27
Pioneer Natural Resources EVP Chris J. Cheatwood Sells 6,762 Shares $PXD http://t.co/235rujs5go
US Banking News
18 Sep 14 17:05:12
Pioneer Natural Resources EVP Chris J. Cheatwood Sells 6,762 Shares $PXD http://t.co/mKcreJrcda
Daily Contracts
18 Sep 14 14:22:00
Real-Time feed of company contracts, original agreements and executive updates from Pioneer Natural Resources $PXD http://t.co/dsJRtklyeX
$Stocknewsalerts
18 Sep 14 13:46:36
$PXD ALERT: New Pioneer Natural Resources Company SEC Filing From our Stock News Alerts App
NASDAQ
18 Sep 14 13:46:06
$PXD - Statement of Changes in Beneficial Ownership (4) http://t.co/lP7QDtq0Ea
InsiderTradingWire
18 Sep 14 13:45:11
CHRIS CHEATWOOD J, EVP, BD & Geoscience of Pioneer Natural R Sells $1,406,496 Worth of $PXD - #Form4 ... - http://t.co/A4orrN7l5B
Daily Contracts
18 Sep 14 13:21:01
Real-Time feed of company contracts, original agreements and executive updates from Pioneer Natural Resources $PXD http://t.co/dsJRtklyeX
Market Int Center
18 Sep 14 11:21:04
Potential Pioneer Natural Resources $PXD Trade Targets 6.03% Return ( http://t.co/JP5NvbqzhJ )
Reza Panah
18 Sep 14 10:46:32
$PXD 60-minutes indicators getting closer to turning up - Could be a nice entry point here - But $SPX not managing to break out is a -ve !
Stock Rocket
18 Sep 14 10:32:32
$NETE Gained 551.93% In The Past 6 Weeks! Major News: http://t.co/h5N34SPJ6o $JNPR $PXD $NVE
Riskwise Management
18 Sep 14 08:05:57
Adding some fuel to the trade. Short $PXD - $EOG spread. EOG looking bullish... We'll see..
US Banking News
18 Sep 14 06:13:41
Morningstar Issues “BBB” Credit Rating to Pioneer Natural Resources $PXD http://t.co/s13Dzo1UXA
Sleek Money
18 Sep 14 06:10:39
Morningstar Issues “BBB” Credit Rating to Pioneer Natural Resources $PXD http://t.co/4aM1cWodXS
Stock Signaling
18 Sep 14 01:31:14
Basic Materials Sector: Upgrades: $SVLC $CQP $FCX $BHI $BBG $KOS $AREX $AUQ $SM $PTEN $MEMP $ABX $NOR $CVRR $PXD http://t.co/Vtx6dLy0Nw #mkt
Stock Rocket
17 Sep 14 22:01:32
$NETE Gained 551.93% In The Past 6 Weeks! Major News: http://t.co/PU7GW934W5 $JNPR $PXD $NVE
Stock Rocket
17 Sep 14 15:01:45
$NETE Gained 551.93% In The Past 6 Weeks! Major News: http://t.co/h5N34SPJ6o $JNPR $PXD $NVE
gordon gekko is god
17 Sep 14 13:04:40
Goldman: Time to buy volatility http://t.co/RfXgr8Q0Sx $BMY, $DISH, $INTC, $F, $JCP, $PXD
4-traders.com
17 Sep 14 12:40:05
Pioneer Natural Resources : Announces Closing of Sale of Hugoton, Kansas Assets http://t.co/HxoUguz80o $PXD
Market Int Center
17 Sep 14 08:41:07
Pioneer Natural Resources $PXD Showing Neutral Technicals With Resistance At $212.97 ( http://t.co/ygZE13QCNs )
Reza Panah
17 Sep 14 07:57:13
Not Never, but avoid jumping in on the the first trade signal, usually there will always be a 2nd chance e.g. $PXD $SLB $VMW $CF $CEO
Sandman
17 Sep 14 04:22:56
RT @chartsmarter: ChartSmarter Wednesday Game Plan: http://t.co/lLN6aAy96t "the trend is your friend" $EOG $PXD $CELG http://t.co/jK1EpGlqaK
Dave Neville
17 Sep 14 04:00:51
RT @chartsmarter: ChartSmarter Wednesday Game Plan: http://t.co/lLN6aAy96t "the trend is your friend" $EOG $PXD $CELG http://t.co/jK1EpGlqaK
Douglas Busch
17 Sep 14 04:00:26
ChartSmarter Wednesday Game Plan: http://t.co/lLN6aAy96t "the trend is your friend" $EOG $PXD $CELG http://t.co/jK1EpGlqaK
Stockaholics
17 Sep 14 01:06:41
Our Platinum Penny Stock Picks, Gained 90% In The Past 2 Days! Get our next pick early: http://t.co/hep0lGZUgZ $JNPR $PXD $NVE
Vishal
16 Sep 14 21:59:41
$PXD - Falling Wedge Breakout http://t.co/iXMGwzXTIr
Tina
16 Sep 14 21:24:41
$PXD 210.69 overhead, bullish MACD on daily.
Kristin
16 Sep 14 17:29:34
$XLE daily supp 6month sure held 92 piv.$FANG @ $75, $EMES 118, $PXD foretold the early supp as it defended 200ma piv on daily.
Sandman
16 Sep 14 15:20:24
RT @chartsmarter: ChartSmarter Wednesday Game Plan: http://t.co/qxLwKQEOhI "the trend is your friend" $EOG $PXD $CELG http://t.co/kSmZCcpR…
Dave Neville
16 Sep 14 14:43:26
RT @chartsmarter: ChartSmarter Wednesday Game Plan: http://t.co/qxLwKQEOhI "the trend is your friend" $EOG $PXD $CELG http://t.co/kSmZCcpR…
Cameron
16 Sep 14 14:35:27
RT @chartsmarter: ChartSmarter Wednesday Game Plan: http://t.co/qxLwKQEOhI "the trend is your friend" $EOG $PXD $CELG http://t.co/kSmZCcpR…
Douglas Busch
16 Sep 14 14:34:04
ChartSmarter Wednesday Game Plan: http://t.co/qxLwKQEOhI "the trend is your friend" $EOG $PXD $CELG http://t.co/kSmZCcpR4u
Stockaholics
16 Sep 14 12:06:25
$BRNW Ran Up 145% So Far Today! Huge News: http://t.co/0NGNmaYblA $JNPR $PXD $NVE
Market Int Center
16 Sep 14 11:02:43
Pioneer Natural Resources $PXD Trading Near $196.89 Support Level ( http://t.co/8elSZnAnBx )
Reza Panah
16 Sep 14 10:06:59
$PXD Took my eyes off the ball & missed this lovely move today !
Estimize
16 Sep 14 09:32:32
@TrembFredrick The WS consensus for $PXD Q3 2014 has shifted significantly downwards - http://t.co/DWtRxyjLWv
Stockaholics
16 Sep 14 09:02:03
$AZFL Gained 68.2% In Just 3 Days, After Our Penny Stock Alert! Huge Update: http://t.co/f6EXGyxEe9 $JNPR $PXD $NVE
12Stocks.com
16 Sep 14 08:52:13
S&P500 #Stocks Performance $HUM $ALTR $MU $GMCR $PXD $XLNX $TSO $GT $X $GILD $CELG $HP $PSX $TSN $MAC $EOG more@ http://t.co/RPeaHBZz9y
Daily Contracts
16 Sep 14 08:47:00
Real-Time feed of company contracts, original agreements and executive updates from Pioneer Natural Resources $PXD http://t.co/dsJRtklyeX
Stockaholics
15 Sep 14 22:07:10
Our SECRET Alert on $INOH Closed Up 60% For Platinum Members Today! Major News: https://t.co/HzD6J3YtmW $JNPR $PXD $NVE
Woll Street
15 Sep 14 21:05:10
https://t.co/GIQWBJXB8w $PXD has some scalp potential if clears lower red line... targets above are red lines.
Stockaholics
15 Sep 14 18:24:07
Our SECRET Alert on $INOH Closed Up 60% For Platinum Members Today! Major News: https://t.co/HzD6J3YtmW $JNPR $PXD $NVE
Jesus Cryptos
15 Sep 14 16:24:25
RT @Bidnessetc: #USA Oil Majors Continue To Lobby For Increased Exports http://t.co/XSRPQsVhkh $EPD $PXD $XOM $CVX $RDS.A $BP $MSBHY $MITSY
Bidness Etc
15 Sep 14 16:22:50
#USA Oil Majors Continue To Lobby For Increased Exports http://t.co/XSRPQsVhkh $EPD $PXD $XOM $CVX $RDS.A $BP $MSBHY $MITSY
merrillmouse
15 Sep 14 13:48:19
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 $WHR
Dave Neville
15 Sep 14 10:03:19
Pioneer Natural Resources vs EOG Resources Inc: Which Company Returns More to Its Stockholders? ($COP, $EOG, $PXD): http://t.co/jgR09LK5dt
JeffBSF
15 Sep 14 08:23:45
Prior post: Of $XLE top 10, all but $EOG $HAL $PXD $APC higher today.
				
				
By  +Follow October 16, 2013 4:31PM
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