Stocks skyrocketed, putting in their strongest performance in
more than nine months after reports of an imminent deal to prevent
a debt ceiling crisis triggered massive short-covering. The
dramatic turnaround in the equity market came on the heels of a
GOP-proposed deal that would temporarily raise the debt ceiling in
order to avoid defaulting on U.S. government debt. While there are
significant roadblocks to an agreement, investors are betting that
a deal will be announced before the weekend.
Momentum stocks staged an impressive comeback, but gains were
posted across all sectors, especially in the financial and tech
sector. The bullish environment was a bonanza for IPOs from Antero
) and MacroGenics (
) both of which were met with much stronger than expected investor
Today's economic data was a non-event with initial jobless
claims jumping 66,000 to a 6-month high of 374,000. But the data
was shrugged off by the markets as it was skewed by reporting
errors from California and the unusually high number of government
employees filing for unemployment benefits due to the shutdown.
Here's where the markets stood at the close:
Dow Jones Industrial Index was 323 points, or 2.2%, to
S&P 500 was up 36 points, or 2.2%, to 1,692
Nasdaq Composite Index was up 83 points, or 2.3%, to 3,760
FTSE 100 was up 1.46%
Nikkei 225 was up 1.12%
Hang Seng Index was down 0.36%
Shanghai China Composite Index was down 0.94%
OMX, Janney Montgomery upgraded the stock to Buy from Neutral
and raised its price target 65% to $21.50.
RCON, The oilfield service company has deployed a new automation
product for extraction of shale using a highly specialized
supervisory control and data acquisition system.
QCOR, Raises quarterly dividend 20% to $0.30 per share
RT, Stock was downgraded by Raymond James to Underperform from
CTXS, Reported preliminary third-quarter revenue and adjusted
earnings below analysts' expectations.
WPCS, Faces a possible de-listing by Nasdaq