A deal to extend the debt limit also helped stocks recover Wednesday from yesterday's selloff. Fred Katayama reports.
Wall Street recovered a bit from Tuesday's big selloff. Fueling it: a rally in energy stocks on a rise in crude prices. Also adding momentum: President Trump's agreeing with Democrats to a three-month extention in the debt ceiling. Energy stocks leading the way on a rise in crude prices. Kevin Mahn of Hennion & Walsh: SOUNDBITE: KEVIN MAHN, CHIEF INVESTMENT OFFICER, HENNION & WALSH, (ENGLISH) SAYING: "We saw they're actually at agreement for once in Congress between the Republicans and the Democrats to raise the debt ceiling, so those are two areas of uncertainty that have at least been removed from the market. And Fred, It's yet another example of every time we have a short and shallow pullback there's investors waiting on the sidelines using that as an entry point." Exxon was the Dow's biggest gainer. The reopening of Gulf Coast refineries and strong refining margins lifted oil prices. Kohl's shares jumped. The department store chain will begin selling Amazon.com devices at ten of its stores starting October. United Continental shares dropped. The airline warns Hurricane Harvey and tensions over North Korea will hurt its quarterly results. The dollar fell against a basket of major currencies after Federal Reserve vice chair Stanley Fischer announced his resignation, citing personal reasons. In economics news, the U.S. trade deficit rose less than expected in July. And the services sector accelerated in August. European shares rose ahead of a European Central Bank meeting. But the FTSE finished lower.