New York Report: Debt deal sees stocks get a lift
WALL STREET rose for a fourth straight session yesterday as Congress agreed to advance legislation extending US borrowing authority and the Federal Reserve’s new chief held off from making any changes to its schedule for trimming stimulus.
Republican leaders in the US House of Representatives caved in to demands by President Barack Obama and agreed to advance legislation increasing Washington’s borrowing authority.
And Fed chair Janet Yellen made dovish noises, suggesting she will keep rates anchored for some time.
The Dow Jones industrial average jumped 192.98 points, or 1.22 per cent, to end at 15,994.77. The Standard & Poor’s 500 Index rose 19.91 points, or 1.11 per cent, to finish at 1,819.75.
The Nasdaq Composite Index climbed 42.87 points, or 1.03 per cent, to close at 4,191.05.