Stock market today: Dow Jones continues to rise, Alibaba surges, Square wins


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Investors welcomed the positive signs that Congress would resolve the impending debt ceiling.

Samuel Corum / Getty Images

The stock market was up Thursday, building on the momentum of Wall Street’s late gains on Wednesday, as investor fears over the US debt ceiling and the global energy crisis eased.

Future for the

Dow Jones Industrial Average

showed an open 290 more points, after the index climbed 305 points, or 0.9%, on Wednesday to close at 34,416.

S&P 500


Nasdaq Composite

increased by 0.9% and 1.2%, respectively.

“Equity futures are trading higher with global equities this morning, as investors applaud the likely deal to extend the debt ceiling as energy prices fall, especially in Europe, helps allay broader inflation concerns, ”wrote Tom Essaye, founder of Sevens Report Research.

Republicans have submitted a proposal to extend the debt ceiling until December, which Senate Democrats will likely accept.

“Risk sentiment improved following reports that Senate Minority Leader Mitch McConnell was willing to negotiate with Democrats to resolve debt ceiling deadlock and allow Democrats to raise the ceiling until December, “said Jim Reid, strategist at Deutsche Bank.

Overseas, Hong Kong

Hang Seng

rose 3.1%, led by shares of tech companies amid optimism about the thaw in US-China relations. The pan-European

Stoxx 600

was 1.2% higher.

Russian President Vladimir Putin’s offer to help “stabilize” the natural gas market in Europe, where prices have risen by around 500% this year, allayed fears of an energy crisis in the region and helped to cool commodity prices.

European natural gas prices fell 10% on Wednesday, retreating again on Thursday, while coal fell 10%. Oil futures, both internationally and in the United States, fell 1% to 2% on Thursday. US West Texas Intermediate crude futures fell 1.5% to $ 76.30 a barrel.

Now the market is eagerly awaiting the US jobs report on Friday, which measures nonfarm payrolls. Investors want to see that as the benefits of the pandemic expire, there is an incentive for people to return to work.

Here are nine actions in motion Thursday:

Industrial software company

Aspen technology

(ticker: AZPN) the stock rose 13% as a manufacturer

Electric Emerson

(EMR) is considering merging its software business with Aspen.

Conagra brands

The share (CAG) rose 1.5% after the company reported earnings of 50 cents per share, beating estimates of 49 cents per share, on revenue of $ 2.65 billion, higher than expectations of $ 2.53 billion.


The stock (SLB) gained 1.2% after being overweight Neutral at JPMorgan.

Five below

The stock (FIVE) rose 3.6% after being overweight Equal Weight at Morgan Stanley.


(SQ) jumped 3% in pre-market trading in the United States after the payment group was upgraded to buy on hold by investment bank Jefferies, which assumed coverage of the company with a target price implying a 25% increase in the share.

Ali Baba

(BABA) rose 7.3% in Hong Kong, with US-listed stocks poised for a similar rally. Chinese tech stocks, like


(0700.HK), which jumped 5.6% in Hong Kong, has been under pressure all year but was boosted by optimism that US-China relations would improve. White House officials plan to schedule a meeting between President Joe Biden and President Xi Jinping in the coming weeks, The Wall Street Journal reported.

Chinese domains

(0127.HK) rose 31.7% in Hong Kong after struggling developer’s former shareholder

China Evergrande

(3333.HK) revealed a buyout offer of $ 245 million, which is a significant premium to the current share price.


(RDS.A) rose 1.3% in London even as the company announced the impact of Hurricane Ida is expected to negatively impact third quarter adjusted profit by around $ 400 million.

Write to Jacob Sonenshine at [email protected]

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