Wall Street Rallies on Hopes of DC Debt Deal
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iStock/Thinkstock(NEW YORK) — Investors on Wall Street breathed a sigh of relief Thursday as they maintain hope the worst-case scenario of a debt default will not happen. They believe that there is a light at the end of the tunnel and are betting that there will be a deal to resolve the stalemate in Washington. Though the deal in the works only kicks the can down the road, the markets Thursday were just pleased something could be accomplished to make sure the economy doesn’t get kicked over the cliff.
The Dow Jones Industrial Average closed up 323 points to finish at 15,126.07. A major rally for the blue chips index made for the Dow’s best day of the year.
The Dow has now recovered all of its losses from the start of the shutdown. The index opened Day One of the shutdown Oct. 1 at 15,129.67, and closed Thursday’s session just three points shy of that number.
The broader averages also posted major gains. The S&P 500 finished the day up 2.18 percent and the tech-heavy Nasdaq Composite closed up 2.26 percent higher.
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