- US stocks recovered after losses early in the morning and closed higher on Wednesday after the debt ceiling showed some progress.
- Senator Minority Leader Mitch McConnell said Republicans would not block a debt limit extension until December.
- It would avoid the impending October 18 deadline to raise the debt ceiling by kicking the can down the road.
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U.S. equities turned the price to end higher Wednesday after the debt ceiling in stalemate between Democrats and Republicans had made some progress.
Both parties have been involved in a game of chicken when it comes to raising the debt ceiling before Finance Minister Janey Yellen says the country will run out of money on October 18th. Uncertainty about a possible US default has triggered a rise in interest rates and stock market turmoil.
Senator Minority Leader Mitch McConnell said Wednesday that Republicans would not block an extension of the debt limit to December, which essentially kicked the can down the road.
“This will excuse Democrats from the time constraint they created and give the United Democratic government more than enough time to pass independent debt relief legislation through reconciliation,” McConnell said in a statement.
Here are US indices at 16:00 ET on Saturday Wednesday:
Energy prices were volatile on Wednesday, with both oil and natural gas rising sharply in the morning before falling as much as 3%. An increase in demand and a shortage of supply in Europe and China have contributed to rising costs. The United States said all options are on the table to address energy shortages, including draining emergency oil reserves.
Ginkgo Bioworks plunged as much as 24% after a brief report from Scorpion Capital claimed that a majority of the company’s revenue came from shell companies controlled or heavily influenced by the synthetic biological company.
SEC President Gary Gensler said his bureau would not impose a cryptocurrency ban like China has, but added that Congress could. Meanwhile, SEC Commissioner Hester Peirce said it was a shame that regulators were not “taking the plunge” to regulate digital currencies.
ARK Invest’s flagship ETF has sold almost its entire position in Nintendo ahead of an expected OLED screen update to its popular Switch video game system.
The winnings for the Shiba Inu coin keep rolling in after an Elon Musk tweet helped trigger a rally in cryptocurrency. The currency has risen more than 220% in the past week.
Confirmation rose as much as 19% after it added Target as a partner in offering the buy-now-pay-later service to its customers.
Charlie Munger’s Daily Journal Company has almost doubled its stake in Chinese e-commerce giant Alibaba. The purchases come amid a sharp drop in the stock as China continues to impose a regulatory intervention on large companies.
West Texas Intermediate crude fell as much as 2.57% to $ 76.90 per barrel. Barrel. Brent crude, the international benchmark for oils, fell as much as 2.29% to $ 80.67 per barrel. Barrel.
Gold rose as much as 0.26% to $ 1,765.40 per share. Ounce.