Dow industrials run Thursday morning's gain to 500 points
U.S. stocks rose early Thursday, on track for a third day of gains, amid signs that the debt ceiling issue in Washington will be resolved for at least two more months and that relations with China may be thawing.
What’s driving the market? Sen. Mitch McConnell, the minority leader and Kentucky Republican, effectively ended worries — for now — around the debt ceiling by announcing that Republicans would not filibuster an increase. The move only gives two more months of breathing space, but lawmakers say that will provide enough time for critical negotiations on spending to take place.
At the same time, talks in Switzerland between U.S. and Chinese officials set the stage for reports that U.S. President Joe Biden and Chinese leader Xi Jinping will meet virtually before the end of the year. Hong Kong’s Hang Seng HSI, +3.07% stock index surged 3.1%, its strongest one-day surge since July 29.
“Investors welcomed positive talks in the U.S. about the debt ceiling while European traders were also pleased to see Russia offering its energy support to the Old Continent to mitigate the risk of a supply crunch,” said Pierre Veyret, technical analyst at ActivTrades.
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