Wall Street breathed a collective sigh of relief, Wednesday, when Senate leaders announced a deal that would end the government shutdown and temporarily raise the debt ceiling.
Well ahead of the deal's announcement, The Dow Industrial rallied by more than 200 points while the Nasdaq touched an all-time high, both closing near their highs of the day. The eleventh-hour deal overshadowed more troubling news on consumer confidence, which has worsened thanks to the government shutdown and political wrangling that brought the country to a nearly unprecedented government debt default.
The Fed's Beige Book indicated still modest economic expansion in most regions, but as indicated in disappointing earnings from Stanley Black and Decker (SWK), consumer sentiment has deteriorated and is being manifested in sluggish sales and declining homebuilder confidence.
Here's Where The Markets Stood At The Close
US MARKETS- Dow Jones Industrial Index was up 205.82 (+1.36%) to 15,373.83
- S&P 500 was up 23.48 (+1.38%) to 1,721.54
- Nasdaq Composite Index was up 45.42 (+1.20%) to 3,839.43
- FTSE 100 was up 0.34%
- Nikkei 225 was up 0.18%
- Hang Seng Index was down 0.46%
- Shanghai China Composite Index was down 1.81%
- AAP, Announced acquisition of privately held equipment supplier General Parts International Inc. for $2.04 billion in cash, creating the largest automotive-aftermarket-parts provider in North America with combined sales of over $9.2 billion.
- REGN, Phase 3 ODYSSEY MONO trial with Sanofi (SNY) met its primary efficacy endpoint.
- VEEV, IPO was met with very strong demand, nearly doubling the IPO price of $20
- SWK, Missed earnings by $0.01
- ELLI, September origination data showed that as the portion of loans being used for purchases rose in the month, credit standards fell.
- GDOT, Downgraded to Sell from Neutral by Janney Capital
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