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Topic - Gov't is about to reopen
Posted: October 16 2013 at 7:24am By Albert

NEW YORK (MarketWatch) — U.S. stocks jumped on Wednesday as Senate leaders rushed to seal a budget deal after a last-ditch measure by House Republicans fell apart.

“Let’s just hope that sense will prevail in Washington today,” wrote Andrew Wilkinson, chief economic strategist at Miller Tabak & Co., in emailed commentary.

Watch Intel, Bank of America

Polya Lesova takes a look at which stocks traders will be watching during market action, including Intel, Yahoo, and Bank of America. Photo: Getty Images.

The Dow Jones Industrial Average DJIA +1.14% rose 178 points, or 1.2%, to 15,346.

The S&P 500 index SPX +1.13%   climbed 14.62 points, or 0.9%, to 1,712.68.

The Nasdaq Composite COMP +1.07%   gained 29.74 points, or 0.8%, to 3,823.75.

For every stock falling, nearly three gained on the New York Stock Exchange, where 99 million shares traded as of 9:50 a.m. Eastern. Composite volume surpassed 377 million.

On Capitol Hill, the Senate is reported to be readying a bipartisan measure to hike the debt ceiling and restart partially closed government operations, one day before the nation’s borrowing authority is set to expire.


Bloomberg Enlarge Image
The Capitol building in Washington.

Late Tuesday, Fitch Ratings wared it might downgrade the sovereign credit rating of the U.S. from AAA as a result of the standoff over the nation’s debt limit.

Bank of America Corp. BAC +1.55% climbed 1.4% after reporting a third-quarter profit of $2.22 billion versus a loss a year earlier.

Stanley Black & Decker Inc. SWK -14.33%  declined 14% after the tool maker reduced its outlook for the year.

Yields on Treasury bills coming due on Thursday jumped on investor concern they might not get paid.

“Near-term Treasury bill yields are rising to 2008 levels, as investors climb the wall of worry about repayment of those T-bills,” emailed Kevin Giddis, head of fixed-income capital markets at Raymond James. While convinced the debt ceiling will be raised, a budget deal or a negotiated settlement is less likely, wrote Giddis.

“While the short end of the curve is under pressure, the middle to long end of the yield curve is remarkably calm. We can only hope that the confidence that the bond market is showing translates into a deal,” Giddis said.

Kate Gibson is a reporter for MarketWatch, based in New York. Follow her on Twitter @MWKateGibson.