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Debt-Ceiling Deal Done? Stocks Soar, Treasury Yields Slump

Traders work on the floor of the New York Stock Exchange on October 16, 2013 in New York City. (Credit: Getty Images)

Following news that the U.S. Senate finalized a deal Wednesday to reopen the government and avoid a potentially devastating default, U.S. stocks took off while treasury yields slumped.

The Dow Jones climbed Wednesday by 205.82 points, or 1.4 percent, to 15,373.83:

The S&P 500 jumped 23.48 points, or 1.4 percent, at 1,721.54, four points below it’s all-time high of 1,725.52:

Lastly, the Nasdaq increased by 45.42 points, or 1.2 percent, to 3,839.43:

Meanwhile, the yield on the 10-year Treasury sank to 2.67 percent, down from 2.74 percent Tuesday:

“Yields on longer-term U.S. government debt haven't moved as much as those on short-term debt because investors believed that the government would work out a longer-term solution,” the Associated Press notes.

The U.S. Senate has yet to bring the deal, which was hammered out between Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.), to a vote.

Senator Ted Cruz (R-Texas), who led the charge to tie Obamacare to the debt ceiling negotiations, said he would not block or delay the vote.

House Speaker John Boehner (R-Ohio) said he would bring the Senate compromise to a vote. The House will reportedly vote on the deal at around 11 pm ET.

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Follow Becket Adams (@BecketAdams) on Twitter

Featured image Getty Images.

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