Hint of Washington deal triggers stocks rally
The market rally left the S&P 500 less than 2 percent away from its record closing high set three weeks ago, with traders now focused on an earnings season that begins in earnest on Friday with results from top banks JPMorgan and Wells Fargo.
The CBOE Volatility index, often used to measure the level of investor anxiety, plunged 15.9 percent to 16.48, near the level it was in late September, prior to the U.S. government shutdown.
In one of the few economic indicators that continues to be published amid the federal government partial shutdown, data showed the number of Americans filing new claims for jobless aid touched a six-month high last week.
This year’s high-flying tech stocks rebounded after several days of declines.
Facebook was up 4.9 percent to $49.05, Best Buy gained 7.5 percent and Netflix rose 5.4 percent. Among the year’s best performers on the S&P 500, the stocks were the top drags in the market’s recent decline.
About 98 percent of the S&P 500 components posted gains.
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