On Wednesday the markets rallied after the Senate agreed to a deal that would reopen the government and raise the debt limit in the US. Votes will occur later in the day and Speaker Boehner made comments that the GOP will likely approve the proposal. If ratified by both houses of Congress, the government will be funded through January 15th and have until February 7th until the debt ceiling closes in again. The Dow jumped over 200 points just today on this news and an important fear gauge of the markets reportedly fell 20%. IBM (IBM) reported another weak quarterly revenue today and blamed it on a large drop in sales. EBay (EBAY) also announced earnings that were lower than expected. Bank of America (BAC) rose 2.3% after sharing their Q3 profit of $2.22 billion. The dollar was able to climb against the major currencies including the yen.
Word on the Street
- Last minute Senate agreement to keep the US from defaulting sends stocks higher.
- Fed’s Beige Book says economy carried momentum from September into early October.
- S&P cites caution over Tesla (TSLA) stock price with a “sell” rating.
- EBay (EBAY) just barely beats estimates for Q3, shares fall after hours.
- Mortgage lenders ease up on credit score standards for home buyers.
- Engineering company SNC-Lavalin stumbles 5% on earnings cut.
- Yahoo! (YHOO) Reports Drop in Profit, Alibaba Share Amendment.