Stocks Rally with Debt Deal in Sight (Bloomberg)
The S&P 500 and the Dow Jones Industrial Average both closed up by 2.2% to mark the biggest increase for both since January 2, 2013. Investorsâ?? optimism was fueled by a short-term proposal by Republicans to raise the debt ceiling. This plan has been informally accepted by President Obama. â??Youâ??re taking the nuclear option off the table, the fact that weâ??ll blow through the debt ceiling, thatâ??s not going to happen,â?ť said Dan Veru, chief investment officer at Palisade Capital Management LLC.