U.S. stock indices rose quickly after Senate leaders from both parties forged an agreement to raise the United States’ borrowing power and end the current fiscal impasse that has shut down the U.S. government since Oct. 1. The Dow Jones Industrial Average jumped 1.14% to 15344, up 176 points, by 1 p.m., after Republican Sen. Mitch McConnell indicated that the Senate intends to pass the deal. House Republicans have agreed to let the deal pass, as well. The agreement would end the 16-day government shutdown by the end of the day and beat tomorrow’s deadline when the U.S. government was expected to exhaust its ability to borrow. “The compromise we reached will provide our economy with the stability it desperately needs,” said Senate Majority Leader Harry Reid.
Alibaba Group Holding Ltd., China’s e-commerce company closing in on its own initial public offering (IPO), posted revenues and profits indicating that it may surpass the valuation of Facebook when it went public.
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