The Dow (INDU)
finished with a gain of nearly 340 points, or 1%, while the broader S&P 500 (SPX)
rose 0.8%. The tech-heavy Nasdaq Composite (COMP)
increased by 1.1%.
It was a solid gain but stocks closed off their highs from earlier in the day. Still, the rally was broad-based. Only 4 Dow stocks fell.
Meanwhile, the yield on the 10-year US Treasury bond also rose to 1.57%.
The US equity market has been on a roller coaster of late. Investors are struggling with worries about inflation, the US debt ceiling
, the Evergrande debt crisis and the general state of the recovery.
Things were looking up after Senate Minority Leader Mitch McConnell offered options
on Wednesday to prevent America from defaulting on its debts. Republicans had previously shut down Democrats’ proposals to raise the debt ceiling, but a deal was announced early Thursday.
On top of that, weekly claims for unemployment benefits
came in lower than expected and below the…