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Oct. 6, 2021, 4:11 p.m. EDT

Dow stages 560-point U-turn to end positive as McConnell says he'll allow Dems to pass short-term debt-limit extension

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By Mark Decambre

U.S. stocks on Wednesday staged a powerful intraday turnabout that resulted in all three indexes finishing in positive territory after sharp early losses. Stock-market investors have been buffeted lately by a surge in energy prices, notably natural-gas futures /zigman2/quotes/210189548/delayed NG00 +0.66% , heightening fears about a surge in inflation that might prompt the Federal Reserve to act sooner to end market-accommodative policies. The Dow Jones Industrial Average [: DJIA] closed over 100 points higher, or 0.3%, to reach about 34,417, and had been down by as many as 459 points, or 1.3%, while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.31% climbed 0.4% to 4,364, and the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.64% advanced 0.5% to reach 14,501 but had seen an intraday low at 14,259.07, putting the technology-laden index down by as many as 1.2% on the session. For the Nasdaq Composite it was the biggest intraday turnaround since March 25, while it was the biggest intraday comeback for the Dow since Dec. 21, 2020, according to Dow Jones Market Data. A rise in yields, with the benchmark 10-year Treasury note reaching 1.57%, initially weighing on markets, but those rate moves subsided somewhat later in the session and reports about a possible detente between the GOP and Democrats set the stage for a mini comeback. Senate Minority Leader Mitch McConnell of Kentucky proposed allowing Democrats to "use normal procedures to pass an emergency debt limit extension at a fixed dollar amount to cover current spending levels into December." In economic data, a report from Automatic Data Processing Inc. showed that 568,000 private-sector jobs were created in September, outpacing estimates from The Wall Street Journal for 425,000. However, a reading for August was reduced to 340,000 from 374,000.

US : U.S.: Nymex
$ 3.84
+0.03 +0.66%
Volume: 1,320
Dec. 8, 2021 10:28p
+14.46 +0.31%
Volume: 2.16B
Dec. 8, 2021 4:59p
US : Nasdaq
+100.07 +0.64%
Volume: 4.01M
Dec. 8, 2021 5:16p

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