U. S. stocks surge as concerns over debt ceiling ease

All 11 major S&P 500 sectors have risen including Dow Jones by 1.49%, S&P by 1.41%, and Nasdaq 1.68%.

U.S. stocks climbed on Thursday led by technology stocks, after a temporary bipartisan truce in the debt ceiling deadlock relieving concerns of a possible government debt default.

The compromise has contributed an ease of concerns concerning the debt ceiling as Senate leaders have agreed to raise the Treasury Department’s borrowing authority until early December, with a possible vote for a debt limit increase of $480 billion coming as soon as Saturday.

Today’s market is driven by a slight move in Washington towards rationality about being able to pay their bills.

Mega capital stocks were back in action, as Microsoft, Apple, Amazon and Alphabet rose between 1% and 1.8%, providing the biggest boost to the S&P 500 and the Nasdaq.

All of the 11 major S&P 500 sectors surged, with eight of them jumping more than 1%. Materials was the biggest gainer, up 2%, followed by healthcare and consumer discretionary

The Dow Jones Industrial Average was up 512.92 points, or 1.49%, at 34,929.91, the S&P 500 was up 61.61 points, or 1.41%, at 4,425.16, and the Nasdaq Composite (.IXIC) was up 243.65 points, or 1.68%, at 14,745.56.