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SPY, Major ETFs Bounce on Potential Debt Deal

By  +Follow October 16, 2013 8:45AM
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Market optimism about what appears to be an approaching end to the government shutdown and debt ceiling crisis helped push up the major indicies, pulling up most of the biggest ETFs with them. With the DJIA and S&P both gaining more than 1.15 percent by early afternoon and the Nasdaq up almost as much, the highest-volume, broad market ETFs were on the rise. The SPDR S&P 500 ETF ($SPY) gained almost 1.25 percent, the Financial Select Sector SPDR ($XLF) climbed almost 2 percent, PowerShares QQQ ($QQQ) jumped almost 1 percent, and the iShares Russell 2000 Index ($IWM) was up almost 1.25 percent.

Congressional Deal on Debt Ceiling, Funding Appears Likely

The failure of the House of Representatives to pass a bill last night, paired with a new agreement in the Senate, appears to have bolstered market confidence overnight that a debt default will be avoided. Senate leaders announced Wednesday morning that they had reached a deal for a bill that would extend the nation’s borrowing limit to early February and end the two-week shutdown, approving a budget that will keep the government open until January 15. And today’s bounce would seem to indicate a consensus in the markets forming around the belief that Speaker of the House John Boehner will bring the Senate bill up for a vote, that it will pass, and that President Obama will sign it into law.

VIX Plunges, Emerging Markets Don’t

Today’s big losers are traders betting on the VIX, as an agreement in congress radically decreases anticipated market volatility. The iPath S&P 500 VIX Short Term Futures ETN (VXX) plunged almost 9.5 percent on Wednesday, while the inverse ETF, the VelocityShares Daily Inverse VIX (XIV) climbed over 9.75 percent. Equities investors also seemed to be shifting back towards a risk-on environment as major ETFs tracking emerging market ETFs were on the rise. The iShares MSCI Emerging Markets Index (EEM) and Vanguard FTSE Emerging Markets ETF (VWO) gained over 0.75 percent, the and the iShares MSCI Brazil Index ($EWZ) was up over 1.25 percent.

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 SPY
Red vs. Blue Quotes
21 Aug 14 00:17:11
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Paige
21 Aug 14 00:16:34
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Results Engineering
21 Aug 14 00:15:57
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Mr.Trevor
21 Aug 14 00:15:40
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
ATLREC
21 Aug 14 00:15:16
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
DanvChamberIN
21 Aug 14 00:14:40
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Oak Brook Parks
21 Aug 14 00:14:07
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
DhariniDilipKumar
21 Aug 14 00:13:35
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Wordpress Web
21 Aug 14 00:13:18
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
The Bellaire Buzz
21 Aug 14 00:13:07
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Sharon
21 Aug 14 00:11:47
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Amber
21 Aug 14 00:11:03
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
10K Trader
21 Aug 14 00:10:58
Futures rarely mean anything at this hour, but can't help but check $SPY $SPX #stockmarket..
Organic Lawn
21 Aug 14 00:10:27
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Larry Lovrencic
21 Aug 14 00:10:18
Members Stock Market Review Ichimoku & Candle video 20thAug http://t.co/Hb78TnCcpe $SPX $SPY $NDX $QQQ $DJIA $DIA $RUT #sectors #stocks $$
CloudCharts
21 Aug 14 00:10:17
Members Stock Market Review Ichimoku & Candle video 20thAug http://t.co/BRfytkzxZL $SPX $SPY $NDX $QQQ $DJIA $DIA $RUT #sectors #stocks $$
FXTrader Hub
21 Aug 14 00:10:14
Members Stock Market Review Ichimoku & Candle video 20thAug http://t.co/WbB3bv2J4l $SPX $SPY $NDX $QQQ $DJIA $DIA $RUT #sectors #stocks $$
Ichimoku Charts
21 Aug 14 00:10:04
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*Roxie*
21 Aug 14 00:08:45
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Chris Bostick
21 Aug 14 00:08:17
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
willehhhh
21 Aug 14 00:07:42
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Sahan Bakmiwewa
21 Aug 14 00:07:32
RT @TraderHMS: One of the funniest trading cards from the collection: $SPY $QQQ $ES_F #stocks http://t.co/WnrKpJXISR
Stephen Jahelka
21 Aug 14 00:07:24
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Frank .
21 Aug 14 00:07:01
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Brad J. Bushman
21 Aug 14 00:05:05
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Seeking Alpha
21 Aug 14 00:05:05
Jackson Hole: Yellen Continues Along Her Dovish Ways http://t.co/RFL5t6whN7 $DIA $SPY $QQQ $IWM
Kristin
21 Aug 14 00:04:09
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Jared Stephenson
21 Aug 14 00:03:51
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Shante
21 Aug 14 00:00:26
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
DLab
20 Aug 14 23:59:43
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Tay
20 Aug 14 23:58:40
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Heather
20 Aug 14 23:57:44
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Danielle Bowles
20 Aug 14 23:57:30
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Matthew A. Simari
20 Aug 14 23:57:17
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
AlynnScott
20 Aug 14 23:56:48
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
susan markham
20 Aug 14 23:54:51
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Greg
20 Aug 14 23:54:36
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Polyticks
20 Aug 14 23:48:21
RT @TraderHMS: One of the funniest trading cards from the collection: $SPY $QQQ $ES_F #stocks http://t.co/WnrKpJXISR
Stock Market Monitor
20 Aug 14 23:47:40
$SPY: Two Measures Of Inflation and Fed Policy [Dow Jones Industrial Average 2 ... http://t.co/RMnz3hWYH2 http://t.co/MyJaKU0OBS
Randy Marchany
20 Aug 14 23:44:02
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Ray
20 Aug 14 23:42:00
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Mark
20 Aug 14 23:40:29
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Anthony Back
20 Aug 14 23:39:35
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Ashley Rodriguez
20 Aug 14 23:39:22
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Joey
20 Aug 14 23:38:36
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
mangeroth
20 Aug 14 23:38:17
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Mark Worman
20 Aug 14 23:37:33
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
BONNY BRIDAL
20 Aug 14 23:37:08
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Kinonation
20 Aug 14 23:36:28
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
Motion Graphics Lab
20 Aug 14 23:35:35
RT @philstockworld: Fed Minutes: Starving the Beast (and the bottom 90%): $SPY #CorporateWelfare -- http://t.co/Qju2MSz1f9
				
				
By  +Follow October 16, 2013 8:45AM
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