U.S. Stocks Rally as Senate Reaches Deal on Debt Ceiling
This article is for subscribers only.
U.S. stocks rallied, sending the Standard & Poor’s 500 Index toward a record, as the Senate crafted a deal to end the government shutdown and raise the debt ceiling before tomorrow’s deadline.
All 10 main industries in the S&P 500 gained at least 0.6 percent, with financial shares advancing the most. Bank of America Corp. jumped 2.3 percent as lower legal expenses and loan losses helped profit rebound. Mattel Inc. and PepsiCo Inc. increased at least 1 percent as earnings topped analyst estimates. International Business Machines Corp. fell 5.8 percent in extended trading after releasing quarterly results.