Wall Street opens higher as receding debt fears spur rally

Stocks are opening higher on Wall Street Thursday amid signs a standoff in Congress over the federal debt ceiling is closer to a resolution. Investors hope Congress may temporarily extend the federal government’s debt ceiling and buy lawmakers time to reach a permanent resolution. The S&P 500 rose 1.1% in early trading and the Nasdaq Composite gained 1.2%. Pfizer gained 1.3% after asking the U.S. government to allow use of its COVID-19 vaccine in children ages 5 to 11. The number of Americans applying for unemployment benefits fell last week as the job market continued its steady recovery.