Stock Market Watch

Stocks Surge as Concerns Over Default Ease

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Stocks surged in trading on Thursday, with all three major indexes ending the day at session highs, as concerns over a debt default eased after lawmakers in Washington DC moved closer to a deal to end the political deadlock.

House Speaker John Boehner said that the Republicans would offer a temporary increase in the borrowing limit in return for discussions with President Obama on budget and deficit issues. President Obama is likely to consider Boehner’s proposal.

The Dow Jones ended the day 2.18% higher at 15,126.07, the S&P 500 ended the day 2.18% higher at 1,692.56, and the Nasdaq ended the day 2.26% higher at 3,760.75.

All sectors in the S&P 500 ended sharply higher on Thursday. The gains were led by Financials, which ended the day 2.50% higher. Industrials ended the day 2.33% higher. Basic Materials sector rose 1.83%.

Among the major movers on Thursday included ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD), which ended the day 15.96% higher at $23.03, PVR Partners LP (NYSE: PVR), which ended the day 12.89% higher at $25.75, and iGate Corporation (NASDAQ: IGTE), which ended the day 10.87% higher at $30.59.

On the economic front, a report released by the Labor Department showed that initial jobless claims rose to a six-month high last week.

European markets ended mostly higher on Thursday, with the FTSE 100 Index in London closing 1.46% higher, and the CAC 40 Index in Paris closing 2.21% higher. Asian markets ended on a mixed note overnight, with the Nikkei 225 Index in Japan closing 1.12% higher, and the Hang Seng Index in Hong Kong closing 0.36% lower.








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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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