U.S. Stocks Rally on Optimism Lawmakers Will Reach Deal

[Purveyor]

By Nick Taborek - Oct 16, 2013

U.S. stocks rallied, sending the Standard & Poor’s 500 Index (SPX) toward a record, amid speculation lawmakers were making progress toward an agreement on raising the debt limit before tomorrow’s deadline.

All 10 main industries in the S&P 500 gained at least 0.7 percent, with financial shares advancing the most. Bank of America Corp. jumped 1.8 percent as lower legal expenses and loan losses helped profit rebound. Mattel Inc. increased 4 percent after reporting earnings that topped analyst estimates.

The S&P 500 rose 1.3 percent to 1,720.19 at 11:03 a.m. in New York. The benchmark gauge slid 0.7 percent yesterday after climbing 3.3 percent over the previous four days. The Dow Jones Industrial Average gained 194.08 points, or 1.3 percent, to 15,362.09 today. Trading in S&P 500 stocks was 21 percent above the 30-day average at this time of day.

“Investors are relieved that it looks like we’re not going to go over the cliff,” Ben Hart, a research analyst at Radnor, Pennsylvania-based Haverford Trust Co., which oversees about $6 billion, said by phone. “It takes the worst case scenario off the table.”

The S&P 500 has advanced 2.3 percent this month even as Congress failed to agree on a federal budget, forcing the first partial government shutdown in 17 years. The gauge is less than 10 points from its all-time high of 1,725.52 reached Sept. 18.

more...

http://www.bloomberg.com/news/2013-10-16/u-s-stock-futures-rise-as-investors-await-debt-talks.html

[Bunnahabhain]

1. I'm really going to miss

all the Chicken Littles that would start a thread when the DOW moved .5 % down.

I really do wish the asshats in DC would get with a grand plan though as I'm completely tired of this nonsense on such a regular basis.