Stocks trend keeps going up after agreement reached possible debt limit
The US stocks rallies as fear amongst traders and investors with regards the US governments possible default was trashed out by the recent Washington development.
Senate Majority Leader Schumer announced that a deal has been reached to increase the debt limit temporarily to avoid default which is feared to happen as soon as October 18. The deal is temporary and would last until the beginning of December, which would give the government more time and option to avoid default.
All major indexes jumped by at least 0.80%, with NASDAQ leading the way gaining more than 1%. The assurance brought by resolving the debt limit concerns had driven the market upwards, and traders became more comfortable with risk and growth assets again.
This allowed them to see possible solutions for the issues regarding supply chain and inflation. In addition to this, commodity and energy prices also spiked which further fuelled the anticipation of traders regarding the positive trend that is happening.
Crude oil futures moved ahead after US Energy Department announced that no crude oil will be released from the petroleum reserve, allowing crude oil prices to recover some losses from yesterday's session.
Market moves can be summarized with:
Hanson Capital Limited