House Proposes Debt Deal, Sending Stocks Higher on Thursday (BBY, AMZN)
PUBLISHED ON: Oct 10, 2013
House Republicans were able to propose a short-term solution to the budget standoff in Washington DC, sending the markets higher in what was the second-best day of trading this year. The plans involves a debt hike that will last for six weeks before a more permanent solution must be determined. Investor confidence rose while reports showed that consumer sentiment fell much lower. ECB leader Mario Draghi made comments that the euro zone will continue to be unsteady for a while and the bank may soon cut interest rates. Energy stocks as well as several techs had strong days today including Best Buy (BBY) who jumped nearly 8%.Citrix Systems (CTXS) stumbled about 12% after cutting its expectations for Q3. Co-founders of Blackberry (BBRY) are considering making a joint bid for the company, while the search continues for a deal to take it private.
Word on the Street
- Consumer confidence in the US falls the most since the collapse of Lehman.
- Retailers see modest sales gains in September due to shopper worries.
- Energy stocks Valero (VLO) and Devon (DVN) jump on Thursday and welcomes newcomer Antero.
- Claims for unemployment rose sharply on shutdown.
- A Fed taper looks unlikely for this month due to fiscal problems and lack of data.
- Amazon (AMZN) Faces Major Challenges in France.