US stocks rise as lawmakers reach deal to avert a government shutdown
- The S&P 500, Dow industrials and Nasdaq Composite each rose Thursday as the third quarter comes to an end.
- Stocks gained after the Senate reached a government funding deal overnight.
- The major indexes were each on track to log losses for September.
Stocks gained ground Thursday after the Senate reached a funding deal that should set the government up to avoid a shutdown, with moves in Washington taking place as investors close out a mixed quarter for Wall Street's key indexes.
The S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite each rose after the Senate overnight reached an agreement for a stopgap bill that would keep the government funded until early December. The Senate will vote Thursday on the measure which if it passes will go onto the House.
Here's where US indexes stood at 9:30 a.m. on Thursday:
- S&P 500: 4,377.31, up 0.41%
- Dow Jones Industrial Average: 34,447.30, up 0.16% (56.58 points)
- Nasdaq Composite: 14,621.03, up 0.73%
Investors appeared to set aside the weekly jobless claims report that showed US unemployment claims rising to 362,000, surpassing the 335,000 consensus estimate from Econoday and marking the third consecutive weekly increase.
For the third quarter, the S&P 500 was on track to rise by more than 1%, the Dow was on course to overcome a modest slip and the Nasdaq Composite looked to edge up more than 0.1%.
For September, the Nasdaq Composite through Wednesday had lost more than 5%, the S&P 500 declined by more than 3% and the Dow industrials were down by nearly 3%.
Around the markets, billionaire investor Chamath Palihapitiya has invested millions of dollars into bitcoin and believes it's tough to impose a blanket ban on cryptocurrencies, he said CNBC.
The US network of bitcoin ATMs is vulnerable to hacks, says crypto exchange Kraken.
Gold fell 0.3% to $1,722.80 per ounce.
Oil prices slipped. West Texas Intermediate crude shed 0.1% to $74.74 per barrel. Brent oil, oil's international benchmark, lost 0.3% to $78.51.
Bitcoin rose 3.6% to $43,004.99.