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AP National Business

Stocks move broadly higher as receding debt fears spur rally

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KMIZ

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Published 9:30 AM

By DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers

Stocks rose broadly on Wall Street as investors welcomed the end to 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% and the Nasdaq Composite gained 1.3%. 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 a more detailed employment report for September on Friday.

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