Stocks move broadly higher as receding debt fears spur rally

By DAMIAN J. TROISE
AP Business Writer

Stocks rose broadly on Wall Street as investors welcomed the end of a standoff in Congress over extending the federal debt ceiling. The extension is temporary and will give lawmakers more time to reach a permanent resolution. The S&P 500 rose 1.4% and the Nasdaq Composite gained 1.6%. Pfizer gained 1.8% 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. The Labor Department will release its more detailed employment report for September on Friday.