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Markets Rally on Senate Deal; IBM and EBay Earnings Disappoint

By: , dated October 16th, 2013
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.

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