Stocks Gain Ground as Congressional Rhetoric Toned Down
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Stocks moved higher mid-day as comments from Speaker of the House John Boehner on a debt deal were viewed more positively than earlier rhetoric suggested. Boehner said the U.S. should not get close to a default and he is trying to find a way to move forward 'today'.
While both chambers will be coming up with their own bill, there is already agreement on the timeframe for reopening the federal government and extending the debt ceiling. The expected House bill, however, will add language to eliminate health care benefits for congressional staff and lawmakers and includes a two-year medical device tax repeal.
After trading down over 85 points earlier, the Dow is now down just 8 points. The Nasdaq is up 7 and the S&P 500 is up 1.
While both chambers will be coming up with their own bill, there is already agreement on the timeframe for reopening the federal government and extending the debt ceiling. The expected House bill, however, will add language to eliminate health care benefits for congressional staff and lawmakers and includes a two-year medical device tax repeal.
After trading down over 85 points earlier, the Dow is now down just 8 points. The Nasdaq is up 7 and the S&P 500 is up 1.
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