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Markets surge on news of possible shutdown deal
Wall Street rallied Wednesday morning amid news reports that Washington was moving closer to an agreement that would raise the debt ceiling and end the government shutdown.
The Dow surged past the 15,000 mark, jumping more than 210 points, or 1.4 percent, in mid-morning trading Thursday. By 11 a.m, the bellwether index was up just under 200 points.
The broader S&P 500 is up 24 points, or 1.4 percent, to 1,680.99. The Nasdaq is enjoying the biggest early gains, up 63 points, or 1.7 percent, to 3,740.96. All three markets has slipped in recent days as the stalemate between the White House and congressional Republicans ground on.
President Obama is scheduled to meet Thursday with House Republicans, who are reportedly considering a short-term deal to increase the government’s borrowing limit before Oct. 17, so it doesn’t default on its bills.
Thursday’s market jump also comes one day after President Obama formally nominated Federal Reserve Vice Chairwoman Janet Yellen to lead the Federal Reserve when current Chairman Ben S. Bernanke retires in January. Many on Wall Street see Mrs. Yellen as likely chairman to follow the stimulative monetary policies championed by Mr. Bernanke.
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About the Author
Tim Devaney is a national reporter who covers business and international trade for The Washington Times. Previously, he worked for the Detroit News, Grand Rapids Press, Portland Press Herald and Bangor Daily News. Tim can be reached at email@example.com.
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