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U.S. stock indexes surged Thursday morning after lawmakers struck a short-term deal to raise the debt ceiling.
The Dow Jones Industrial Average gained 540 points, or 1.56%, while the S&P 500 Index and the Nasdaq Composite Index rose 1.43% and 1.59% respectively.
Teleprinter | Security | Last | Switch | Switch % |
---|---|---|---|---|
Me: DJI | MEDIUM DOW JONES | 34933.78 | +516.79 | + 1.50% |
SP500 | S&P 500 | 4425.5 | +61.95 | +1.42% |
I: COMP | NASDAQ COMPOSITE INDEX | 14740.191631 | +238.28 | +1.64% |
Senate Majority Leader Chuck Schumer, DN.Y., said a deal had been reached to extend the debt ceiling until early December. A report released Wednesday said Republicans were prepared to increase the limit, but wanted a deal tied to a number, not a specific date. A vote has yet to take place in the Senate and the House of Representatives.
In economic data, initial jobless claims fell from 38,000 to 326,000 last week, the first drop in a month. Continuing claims, meanwhile, hit a low of 2.714 million during a pandemic. The report, which exceeds analysts’ expectations, sets the stage for Friday’s jobs report.
UNEMPLOYMENT INITIATIVES DROP TO 326K FOR FIRST DIVE IN FOUR WEEKS
In stocks, mega-cap tech companies including Apple Inc., Amazon Inc. and Microsoft Corp. were on track for a third straight day of gains.
Teleprinter | Security | Last | Switch | Switch % |
---|---|---|---|---|
AAPL | APPLE INC. | 143.96 | +1.96 | +1.38% |
AMZN | AMAZON.COM, INC. | 3,320.93 | +58.92 | +1.81% |
MSFT | MICROSOFT CORP. | 296.26 | +3.15 | +1.07% |
Meanwhile, IAC / Interactive Corp. of Barry Diller agreed to buy magazine publisher Meredith for $ 42.18 per share, or $ 2.7 billion. The deal does not include local media group Gray Television, which sold for $ 16.99 a share and is expected to close later this year.
Teleprinter | Security | Last | Switch | Switch % |
---|---|---|---|---|
CAI | IAC / INTERACTIVECORP | 140.10 | +8.43 | + 6.40% |
MDP | MEREDITH CORP. | 58.20 | +3.60 | + 6.60% |
Twitter Inc. has struck a deal to sell mobile advertising company MoPub to AppLovin for $ 1.05 billion in cash. Twitter bought the company in 2013 in a deal valued at more than $ 350 million.
Teleprinter | Security | Last | Switch | Switch % |
---|---|---|---|---|
TWTR | TWITTER, INC. | 63.90 | +2.58 | + 4.21% |
APP | APPLOVINE | 83.82 | +6.82 | + 8.86% |
Elsewhere, Costco Wholesale Corp. said September sales were up 15.8% from a year ago, beating analysts’ forecasts.
Teleprinter | Security | Last | Switch | Switch % |
---|---|---|---|---|
COST | COSTCO GROS CORP. | 459.12 | +9.78 | + 2.18% |
Levi Strauss & Co. reported higher than estimated profit and revenue as back-to-school purchases boosted sales.
Teleprinter | Security | Last | Switch | Switch % |
---|---|---|---|---|
LEVI | LEVI STRAUSS & CO. | 26.46 | +2.14 | + 8.80% |
In commodities, West Texas Intermediate crude fell 77 cents to $ 76.66 per barrel and gold fell 40 cents to $ 1,761.40 per ounce.
The overseas markets were in rally mode.
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European stock markets were up sharply, with the British FTSE 100 gaining 1.26%, the German DAX 30 increasing 1.69% and the French CAC 40 advancing 1.73%.
In Asia, Hong Kong’s Hang Seng index climbed 3.07% and Japan’s Nikkei 225 climbed 0.54%. The Shanghai Composite in China has remained closed for the holidays.
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