Investing.com - U.S. stocks soared on Thursday amid hopes both U.S. political parties will sit down at the negotiating table and find a way out of a fiscal impasse that has closed Washington while fueling fears of default.
At the close of U.S. trading, the Dow Jones Industrial Average finished up 2.18%, the S&P 500 index also rose 2.18%, while the Nasdaq Composite index rose 2.26%.
In the U.S. earlier, House Speaker John Boehner said his fellow Republicans would offer a temporary increase in the debt ceiling in exchange for dialogue with President Barack Obama on budget and deficit issues, which sent stocks rising.
The White House said it would consider the offer and was awaiting details.
Hopes that talks will lead to an end to the government shutdown and do away with fears of government default while opening the door to broader fiscal reforms sparked a rally in equities markets.
U.S. Treasury Secretary Jack Lew reiterated Thursday that the U.S. will reach its debt ceiling on Oct. 17 and warned that the political crisis is starting to hurt the economy. Lew was making his comments during testimony before the Senate finance committee.
Congressional inability to agree on a spending package closed the government on Oct. 1.
Investors largely ignored a report by the Department of Labor showing that U.S. initial jobless claims rose to 374,000 last week, an increase of 66,000 from the previous week's unrevised figure of 308,000.
The number was high due to a computer glitch in California related to technology upgrades.
Leading Dow Jones Industrial Average performers included Boeing, up 3.91%, UnitedHealth Group, up 3.61%, and Nike, up 3.60%.
The Dow Jones Industrial Average's worst performers included Chevron, up 0.21%, Merck, up 0.49%, and Exxon Mobil, up 0.97%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 2.14%, France's CAC 40 gained 2.21%, while Germany's DAX 30 rose 1.99%. Meanwhile, in the U.K. the FTSE 100 finished up 1.46%.
At the close of U.S. trading, the Dow Jones Industrial Average finished up 2.18%, the S&P 500 index also rose 2.18%, while the Nasdaq Composite index rose 2.26%.
In the U.S. earlier, House Speaker John Boehner said his fellow Republicans would offer a temporary increase in the debt ceiling in exchange for dialogue with President Barack Obama on budget and deficit issues, which sent stocks rising.
The White House said it would consider the offer and was awaiting details.
Hopes that talks will lead to an end to the government shutdown and do away with fears of government default while opening the door to broader fiscal reforms sparked a rally in equities markets.
U.S. Treasury Secretary Jack Lew reiterated Thursday that the U.S. will reach its debt ceiling on Oct. 17 and warned that the political crisis is starting to hurt the economy. Lew was making his comments during testimony before the Senate finance committee.
Congressional inability to agree on a spending package closed the government on Oct. 1.
Investors largely ignored a report by the Department of Labor showing that U.S. initial jobless claims rose to 374,000 last week, an increase of 66,000 from the previous week's unrevised figure of 308,000.
The number was high due to a computer glitch in California related to technology upgrades.
Leading Dow Jones Industrial Average performers included Boeing, up 3.91%, UnitedHealth Group, up 3.61%, and Nike, up 3.60%.
The Dow Jones Industrial Average's worst performers included Chevron, up 0.21%, Merck, up 0.49%, and Exxon Mobil, up 0.97%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 2.14%, France's CAC 40 gained 2.21%, while Germany's DAX 30 rose 1.99%. Meanwhile, in the U.K. the FTSE 100 finished up 1.46%.