Stocks set to gain traction as Congress nears debt ceiling deal

U.S. equity futures surged Thursday morning after lawmakers approached a short-term deal to raise the debt ceiling.

Futures contracts on the Dow Jones Industrial Average rose 252 points, or 0.73%, while S&P 500 and Nasdaq 100 futures rose 0.84% ​​and 1.08%, respectively.

Senate Majority Leader Chuck Schumer, DN.Y., said Thursday morning that “good progress” had been made in debt ceiling negotiations, but agreement had yet to be reached. find. A report released on Wednesday said Republicans were prepared to increase the limit until December, but wanted a deal tied to a number, not a date.

In stocks, mega-cap tech companies including Apple Inc., Amazon Inc. and Microsoft Corp. were on track for a third straight day of gains.

Meanwhile, IAC / Interactive Corp. agreed to buy magazine publisher Meredith for $ 42.18 per share, or $ 2.7 billion. The deal does not include local media group Gray Television, which sold for $ 16.99 a share and is expected to close later this year.

Twitter Inc. has struck a deal to sell mobile advertising company MoPub to AppLovin for $ 1.05 billion in cash. Twitter bought the company in 2013 in a deal valued at more than $ 350 million.

Elsewhere, Costco Wholesale Corp. said September sales were up 15.8% from a year ago, beating analysts’ forecasts.

Levi Strauss & Co. reported higher than estimated profit and revenue as back-to-school purchases boosted sales.

In commodities, West Texas Intermediate crude fell $ 1.16 to $ 76.27 per barrel and gold edged up 60 cents to $ 1,762.40 per ounce.

The overseas markets were in rally mode.

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The European stock market was up sharply, with the British FTSE 100 gaining 1.07%, the German DAX 30 increasing 1.23% and the French CAC 40 advancing 1.43%.

In Asia, Hong Kong’s Hang Seng index climbed 3.07% and Japan’s Nikkei 225 climbed 0.54%. The Shanghai Composite in China has remained closed for the holidays.

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