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.
Jim Woods has over 20 years of experience in the markets from working as a stockbroker,
financial journalist, and money manager. As well as a book author and regular contributor to
numerous investment websites, Jim is the editor of:
Bob Carlson provides independent, objective research covering all the financial issues of retirement and retirement planning. In addition, Bob serves as Chairman of the Board of Trustees of the Fairfax County (VA) Employees’ Retirement System, which has over $2.8 billion in assets.
Hilary Kramer is an investment analyst and portfolio manager with 30 years of experience on Wall Street. Since 2010, Hilary's financial publications have provided stock analysis and investment advice to her subscribers: