Stocks closing higher as receding debt fears spur rally

By DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers

Stocks are closing higher on Wall Street Thursday as investors welcomed progress in Congress’ standoff over extending the federal debt ceiling. A temporary extension will give lawmakers more time to reach a permanent resolution. The S&P 500 rose 0.8% and the Nasdaq Composite gained 1.1%. Pfizer gained 1.7% 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.