U.S. stocks open higher after Trump reaches deal on debt limit

Source: Xinhua| 2017-09-07 23:47:56|Editor: huaxia
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NEW YORK, Sept. 7 (Xinhua) -- U.S. stocks opened slightly higher on Thursday, a day after U.S. President Trump reached a deal with Democratic leaders to raise the federal government's debt limit and fund the government through Dec. 15.

"In the meeting, the president and congressional leadership agreed to pass aid for Harvey, an extension of the debt limit, and a continuing resolution both to Dec. 15, all together," House Democratic leader Nancy Pelosi and Senate Democratic leader Chuck Schumer said in a joint statement following a meeting with Trump in the White House.

Investors had been fretting about the possibility of a government shutdown if the debt limit wasn't raised.

On the economic front, in the week ending Sept. 2, the advance figure for seasonally adjusted initial claims was 298,000, an increase of 62,000 from the previous week's unrevised level of 236,000. This is the highest level for initial claims since April 18, 2015 when it was 298,000.

The four-week moving average was 250,250, an increase of 13,500 from the previous week's unrevised average of 236,750.

Overseas, the European Central Bank (ECB) decided on Thursday that the eurozone base interest rate would remain at 0.00 percent.

ECB President Mario Draghi said the bank would decide on the calibration of its policy instruments beyond the end of the year, saying "probably the bulk of these decisions will be taken in October."

Shortly after the opening bell, the Dow Jones Industrial Average was up 25.23 points, or 0.12 percent, to 21,832.87. The S&P 500 rose 2.51 points, or 0.10 percent, to 2,468.05. The Nasdaq Composite Index gained 5.64 points, or 0.09 percent, to 6,398.96. Enditem