U.S. stocks jump most since January on debt-deal optimism

[Redfairen]

Source: Bloomberg

U.S. stocks jumped, U.S. stocks jumped, with benchmark indexes rallying the most since January, as signs grew that lawmakers could reach an agreement to increase the debt ceiling and avoid a default.

Nike Inc., Boeing Co. and American Express Co. rose more than 2.6 percent, leading advances among large companies. Wells Fargo & Co. and JPMorgan Chase & Co. gained at least 1.9 percent before reporting earnings tomorrow. Gilead Sciences Inc. jumped 4.9 percent as the largest biotechnology company by market value said the cancer drug idelalisib improved survival times.

The Standard & Poor’s 500 Index rallied 1.7 percent to 1,684.08 at 12:11 p.m. in New York, the most since Jan. 2. The Dow Jones Industrial Average advanced 230.31 points, or 1.6 percent, to 15,033.29. Trading in S&P 500 stocks was 16 percent above the 30-day average at this time of day.

“The feeling is that they’re starting to get some compromise movement toward the middle and that’s positive,” John Fox, a Cobleskill, New York-based fund manager and director of research at Fenimore Asset Management Inc., which oversees about $1.6 billion, said. “If you get the debt ceiling settled, investors will focus on the potential economic growth for next year and what earnings can be for companies, which can increase from here.”


Read more: http://mobile.bloomberg.com/news/2013-10-10/u-s-stock-index-futures-rise-amid-budget-deal-optimism.html

[tofuandbeer]

1. Oh...I'm so relieved now. :/

[zbdent]

2. but ... but ... but ...

the stock market doesn't mean anything!

I mean, it did when Al Gore was crashing the market by saying "Count every vote", and soaring when Bush won a challenge, but after that, the crashing market and the Clinton-recession which followed made the stock market irrelevant. The nerve of people trying to convince everybody that the Republicans controlling the House and Senate and Presidency and many other offices had anything to do with causing a recession and turning a surplus into a deficit.

Of course, the market hit its peak in 2007, no thanks to the Dems. In fact, all those job-killing Dems forced George "Who?" Bush to sign all those Republican spending bills and going into two wars. If it weren't for those dems, all the jobs lost until 1/3/2007 would not have been lost at all.

<sarcasm> < as if you couldn't tell ...

[Demeter]

3. The market is driven by emotion and now that the fear is gone, party on!

It's a sick, sick world.

[llmart]

4. Fear will be back tomorrow.....

now that our President rejected the repukes crappy deal.