US STOCKS-Wall Street surges as worries over debt ceiling subside

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<br>By Shreyashi Sanyal and Devik Jain<br> <br>Oct 7 (Reuters) – U.S.
stocks climbed on Thursday in a broad-based rally led by heavyweight technology stocks, after a temporary truce in the debt-ceiling standoff in Congress relieved concerns of a possible government debt default later this month.<br> <br>U.S. Senate Majority Leader Chuck Schumer announced Senate leaders have agreed to raise the Treasury Department’s borrowing authority until early December, with a possible vote for a debt limit increase of $480 billion coming as soon as Saturday.<br> <br>”Today’s (market) is driven by a slight move in Washington towards rationality about being able to pay their bills, write some checks,” said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.<br> <br>Mega-cap stocks were back in action – Microsoft Corp , Apple Inc, Amazon.com Inc and Alphabet Inc rose between 1% and 1.8%, providing the biggest boost to the S&P 500 and the Nasdaq.<br> <br>All of the 11 major S&P 500 sectors advanced, with eight of them jumping more than 1%.

Materials was the biggest gainer, up 2%, followed by healthcare and consumer discretionary.<br> <br>The CBOE volatility index, also known as Wall Street’s fear gauge, fell to its lowest level since Sept. 24.<br> <br>At 11:51 a.m. ET, the Dow Jones Industrial Average was up 512.92 points, or 1.49%, at 34,929.91, the S&P 500 was up 61.61 points, or 1.41%, at 4,425.16, and the Nasdaq Composite was up 243.65 points, or 1.68%, at 14,745.56.<br> <br>Wall Street’s main indexes are now set for weekly gains, recovering from bouts of selling pressure in heavyweight high-growth stocks earlier in the week when Treasury yields soared on expectations of persistent elevated inflation.<br> <br>”I’m not worried about the markets in the near term. You’ve seen these pretty severe corrections which offer buying on the dip opportunity,” said Greg Swenson, founding partner of Brigg Macadam.<br> <br>Meanwhile, data showed fewer-than expected Americans filed new claims for jobless benefits last week.

It also showed layoffs increased from a 24-year low in September.<br> <br>This comes after a survey from the ADP National Employment Report showed a strong increase in private payrolls in September and ahead of the more comprehensive non-farm payrolls data due on Friday.
It is expected to cement the case for the Federal Reserve’s slowing of asset purchases.<br> <br>”Those two bits of data fed into today’s good action because we’re expecting a pretty good number, but not a number so hot, that would force the Fed’s hand to really ramp up the taper. I think we’re going to get that Goldilocks number of employment,” Forrest said.<br> <br>Levi Strauss & Co jumped 8.8% after the jeans maker beat third-quarter revenue and profit estimates, boosted by an uptick in demand for jeans as people refreshed their wardrobes.<br> <br>Snap Inc gained 5.3% after launching an in-app tool to educate users about the dangers of drugs.<br> <br>Advancing issues outnumbered decliners by a 4.35-to-1 ratio on the NYSE and by a 3.93-to-1 ratio on the Nasdaq.<br> <br>The S&P index recorded 30 new 52-week highs and ngentot di kamar mandi three new lows, while the Nasdaq recorded 76 new highs and 51 new lows.

(Reporting by Shreyashi Sanyal and Devik Jain in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju Samuel)<br>

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