Stocks trend keeps going up after agreement reached possible debt limit

WAN CHAI, Hong Kong - Oct. 12, 2021 - PRLog -- As the lawmakers reaches a consensus so to avert the said default if not permanently at least temporarily by mid of this month.

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:

• NASDAQ Composite Index stepped up to 14,654.02 after gaining 1.05% or 152.10 points.
• The Dow Jones Industrial Average closed at 34,754.94 and went up by 0.98% or 337.95 points.
• S&P 500 Index moved higher by 0.83% or 36.21 points and wrapped at 4,399.76.
• U.S. 10 Year Treasury yield up by 4.7 basis points and now at 1.5710%.
• Gold stepped down by 0.35% or $6.10 and now at $1,755.70 an ounce.
• Crude went up with an increase of $1.39 or 1.80% per barrel, closing at $78.82 per barrel.

Cryptocurrencies recovered momentum for the past week and was able to show upward trend again. Here's an update to the widely accepted cryptocurrencies:

• Bitcoin (BTC) - $55,483.48
• Etherium (ETH) - $3,624.07
• Ripple (XPR) - $1.08
• Bitcoin Cash (BCH) - $610.53
• LiteCoin (LTC) - $181.11

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