Dow Jones jumps 102 points on possible debt ceiling deal


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Private sector added 568K jobs in September: ADP

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we store The index reversed heavy losses early Wednesday amid signs of a possible debt limit deal in Washington.

The Dow Jones Industrial Average rose 102 points, or 0.3%, while the S&P 500 Index and the Nasdaq Composite Index gained 0.41% and 0.47%, respectively. The Dow was down 505 points amid concerns that Congress would not be able to reach an agreement on raising the debt limit.


Senate Minority Leader Mitch McConnell of Kentucky, Republican, offered Democrats a short-term suspension of the US debt limit that would avoid US default on October 18. Voting is likely to be held on Wednesday evening.

anchor the protection The last Change Change %
Me: DJI dow jones average 34416.99 +102.32 +0.30%
SP500 S&P 500 4363.55 +17.83 +0.41%
me: comp NASDAQ Composite Index 14501.91105 +68.08 +0.47%

Meanwhile, according to the ADP National Employment Report released on Wednesday, private sector recruitment accelerated in September as the US economy added 568,000 private sector jobs last month, up from a revised 340,000 in August. Analysts polled by Refintiiv expected an addition of 428,000 jobs.

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Among stocks, mega cap technology names fought higher, extending their gains for the second day after Monday’s sharp selloff. It comes as social media giant Facebook Inc remained in focus on Tuesday after a whistleblower testified about the harmful effects of its platform.

anchor the protection The last Change Change %
American Plan Facebook, Inc. 333.64 +0.68 +0.20%
AMZN AMAZON.COM, INC. 3,262.01 +41.01 +1.27%
AAPL Apple, Inc. 142.00 +0.89 +0.63%

Elsewhere, Palantir Technologies Inc. secured an $823 million US Army Intelligence Program contract.

anchor the protection The last Change Change %
PLTR Palantir Technologies, Inc. 23.59 +0.38 +1.64%

Nvidia Corp has made undisclosed concessions to EU regulators to investigate a $54 billion deal to buy British chipmaker Arm Ltd.

anchor the protection The last Change Change %
NVDA Nvidia Corp. 207.00 +2.49 +1.22%

General Motors shares fell after it announced plans to double revenue by 2030 on a major electric vehicle push that rivals Tesla and Ford.

anchor the protection The last Change Change %
GM General Motors Company 53.93 -0.41 -0.75%
TSLA Tesla, Inc. 782.75 +2.16 +0.28%
F Ford Motor Company 14.13 -0.15 -1.05%

In other auto news, Hertz Global Holdings Inc. named Mark Fields, the former head of Ford Motor Company, as its interim CEO. Fields has been on Hertz’s board of directors since June.

anchor the protection The last Change Change %
HTZZ hertz global 26.5 +4.35 +19.64%
F Ford Motor Company 14.13 -0.15 -1.05%

Elsewhere, Constellation Brands Inc., due to losses from its stake in cannabis producer Canopy Growth. Quarterly profit was almost completely wiped out. The wine and spirits maker reported that quarterly sales were up 4.9% year over year due to strong beer demand.

anchor the protection The last Change Change %
STZ Constellation Brands, Inc. 211.72 -1.19 -0.56%
levy Levi Strauss & Co. 24.30 -1.25 -4.90%

Levi Strauss & Co. will release its quarterly results after the market closes.

In commodities, West Texas Intermediate crude fell $1.50 to $77.43 an ounce, while gold rose 90 cents to $1,760.50 an ounce.

Foreign markets were weak across the board.

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In Europe, Germany’s DAX 30 fell 1.46%, while France’s CAC 40 and Britain’s FTSE 100 fell 1.26% and 1.15%, respectively.

Elsewhere, Japan’s Nikkei 225 fell 1.05% and Hong Kong’s Hang Seng index dropped 0.57%. China’s Shanghai Composite remained closed for the holiday.

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