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Index Buoyed on Debt Ceiling Progress


The recovery in stock markets continues, with the e-mini S&P hitting fresh highs in recent trade as progress on the debt ceiling (or, at least, a kicking of the can to December) buoys sentiment. The index is now 161 points off the Friday low (or ~3.8%) as materials and healthcare names lead the recovery.

  • Energy names are lagging following the climb-down in oil & gas prices, although this sector has inched back into the green as the US Energy Dept made clear there are no current plans to deploy the Strategic Petroleum Reserve.
  • Next level to watch in the e-mini S&P sits at the 4434.1 50-dma, a climb through which opens gains toward late September highs of 4472.
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