The US markets ended higher on Thursday, extending the upward move seen over the course of the previous session, as lawmakers reached an agreement to temporarily extend the debt limit, avoiding a potential default. Senate Majority Leader Chuck Schumer, D-N.Y., announced an agreement to extend the debt ceiling through early December. The agreement would reportedly increase the debt limit by $480 billion, allowing the Treasury to continuing paying its bills through December 3rd. While the temporary extension means the US could face another debt crisis in just a few weeks, the news was still greeted positively by traders.
Adding to the positive sentiment, a report from the Labor Department showed a bigger than expected pullback in first-time claims for US unemployment benefits in the week ended October 2nd. The report said initial jobless claims fell to 326,000, a decrease of 38,000 from the previous week's revised level of 364,000. Street had expected jobless claims to dip to 348,000 from the 362,000 originally reported for the previous week. The bigger than expected decrease came after jobless claims rose for three straight weeks, reaching their highest level since early August.
Dow Jones Industrial Average surged 337.95 points or 0.98 percent to 34,754.94, the Nasdaq rose 152.11 points or 1.05 percent to 14,654.02 and S&P 500 was up by 36.21 points or 0.83 percent to 4,399.76.
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: