Stocks move broadly higher as receding debt fears spur rally (addicted to federal largesse)

Washington Times Herald (Indiana) ^ | 10-07-21 | DAMIAN J. TROISE

[AAABEST]

The S&P 500 rose 1.4% as of 1:13 p.m. Eastern. Roughly 90% of stocks within the benchmark index gained ground. The Dow Jones Industrial Average rose 496 points, or 1.4%, to 34,913 and the Nasdaq rose 1.6%.

Markets in Europe and Asia were also broadly higher.

The market was already in the midst of a days-long bout of volatility when Senate GOP leader Mitch McConnell made an offer Wednesday that would allow an emergency extension of the debt ceiling. Senate Majority Leader Chuck Schumer said Thursday an agreement has been reached with Republicans to extend the government’s borrowing authority into December.

[AAABEST]

Gee, I remember when markets moved on earnings, consumer sentiment, energy costs, inflation etc. Now markets seem reliant mostly on fed.gov raining trillions. As long as that's happening, they're good. So are DC pols and multinationals.

As an aside, oil is up 50% since Xiden got in.

[DesertRhino]

There is no federal largesse. There is a federal debtor, maxing out their cards.

[Huskrrrr]

Kick the can version 12,100.

[RipSawyer]

“There is no federal largess. There is a federal debtor, maxing out their cards.”

Absolutely and as far as I know there is zero amount of anything that could properly be called REAL money in use on the Earth. Please tell me if you know otherwise. We are staring down the barrel of the fake money cannon. We may soon see cheeseburgers SALE priced at what I paid for my first new car.