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Stocks Cheer Debt Ceiling Progress, Can Kick or Otherwise

EQUITIES
  • Wall Street added to recent gains Thursday, with the S&P 500 adding over 3.5% off the week's lows to narrow in on the next resistance levels. In futures space, this translated to a rally of over 160 points for the e-mini S&P, turning focus to first resistance at the 4434.1 50-dma. A rally through here opens late September highs of 4472.00.
  • 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.
  • The upside in stocks followed confirmation that arrangements had been made among US lawmakers to avoid the worst-case scenario of hitting the debt ceiling in mid-October. While the $480bln package is only a stopgap, kicking the can into early December, markets welcomed the signs of bipartisan co-operation.
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