Dow rises 300 points as investors cheer short-term debt ceiling solution; European markets close higher in roller-coaster week for stocks; TeamViewer down 7%
Stocks rallied on Thursday as lawmakers reached a deal to increase the debt ceiling in the short-term, according to Senate Majority Leader Chuck Schumer. Stocks hit their highs of the session as Schumer announced on the Senate floor news of the compromise, which will avoid an unprecedented debt default for now.
Stocks rose broadly on Thursday with technology shares and reopening plays trading higher. Twitter rose 4.5%, Nvidia popped 2.5% and AMD rose 2.7%. Facebook gained after JPMorgan said it was time to buy the recent dip on the stock.
Meanwhile, General Motors rose 3%. Costco shares added 2% after reporting better-than-expected September sales.
The pan-European Stoxx 600 closed up by 1.6%, with autos surging 3.2% to lead gains as all sectors and major bourses traded in positive territory.
In terms of individual share price movement, French car parts maker Valeo jumped more than 5% after Citigroup upgraded the stock from “sell” to “neutral,” on the back of recent downgrades to consensus expectations on industry production.
TeamViewer shares dropped a further 7% after a 25% plunge on Wednesday, on the back of weak quarterly earnings and a cut to full-year guidance.
Source: CNBC, Investing.com