US stock futures higher early Thursday following market turnaround over possible debt ceiling news
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U.S. equity futures were trading higher in a healthy turnaround after a morning marked by broad losses across sectors.
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Investors in the U.S. are hoping Congress may manage to temporarily extend the federal government's debt ceiling and buy lawmakers time to reach a more permanent resolution. The market recovered from a 460-point loss in the morning shortly after Senate Republican leader Mitch McConnell offered Democrats an emergency short-term extension to the federal debt ceiling into December.
Financial markets have mostly taken the debt-ceiling drama in stride, expecting yet another 11th hour solution, but some voices on Wall Street have warned investors recently to make preparations for a default, however unlikely, given how extremely damaging it would be for the economy and markets.
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"People were nervous about the debt ceiling," said Jay Hatfield, CEO of Infrastructure Capital Advisors.
The S&P 500 rose 0.4%, to 4,363.55. Gains in technology stocks, makers of household goods and communication companies helped offset losses in energy and other sectors. About 57% of stocks in the index rose.