U.S, stocks roar back to life, Nasdaq climbs 152 points
NEW YORK, New York – With Congress working towards a bill that would raise the U.S. debt limit by $480 billion, global markets breathed a sigh of relief Thursday. The bill is expected to be voted on by Saturday, allowing the U.S. to avoid a debt default.
“Today’s market is driven by a slight move in Washington towards rationality about being able to pay their bills, write some checks,” Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh told Reuters news agency Thursday.
The Nasdaq Composite led the charge in the U.S., rising 152.10 points or 1.05 percent to 14,654.02.
The Dow Jones rallied 337.95 points or 0.93 percent to 34,754.94.
The Standard and Poor’s 500 added 36.21 points or 0.83 percent to 4,399.76.
The U.S. dollar remained mixed, despite the positive news out of Washington, and higher U.S. Treasury yields. The euro dipped to 1.1554 approaching the New York close Thursday. The British pound was slightly softer at 1.3616. The Swiss franc declined to 0.9287. The Japanese yen weakened to 1.3616.
The Canadian dollar edged higher to 1.2546. The Australian dollar strengthened to 0.7312. The New Zealand dollar was a fraction stronger at 0.6932.
On Asian markets, the big winner was the Hang Seng in Hong Kong which advanced 735.24 points or 3.07 percent to 24,701.73.
The Australian All Ordinaries gained 54.80 points or 0.73 percent to 7,5510.00.
In Japan, the Nikkei 225 rose 149.39 points or 0.54 percent to 27,678.21.
China’s Shanghai Composite remained closed for public holidays.