The major averages staged a sizeable comeback on Wednesday.
 | WED, OCT 06, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 142.00 | +0.89 | +0.63% | | MSFT | 293.11 | +4.35 | +1.51% | | CSCO | 53.94 | -0.75 | -1.37% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 142.00 | +0.89 | +0.63% | | F | 14.12 | -0.17 | -1.19% | | T | 27.31 | -0.04 | -0.15% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 142.00 | +0.89 | +0.63% | | AMD | 103.64 | +1.83 | +1.80% | | NVDA | 207.00 | +2.49 | +1.22% | |
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The major averages staged a sizeable comeback on Wednesday driven by investor enthusiasm about a potential debt ceiling extension. The Dow Jones Industrial Average earned back a roughly 450-point loss to close in the green. The S&P 500 and the Nasdaq closed higher after each index dropped more than 1% during the trading session. Tech stocks helped lift the averages. "Investors are obviously jumpy given how the last month has gone and the S&P 500 is still testing its low from a couple weeks ago, so perhaps 'news' is having a big short-term impact on trader psychology," said Jim Paulsen, chief investment strategist for the Leuthold Group. "If nothing else, the substantial turnaround today probably suggests that rumors of the death of 'Buyers on the Dip' are premature." Stocks reversed course on news that Senate Minority Leader Mitch McConnell told a closed meeting of Republicans that he would offer a short-term debt ceiling extension later Wednesday. That would help alleviate pressure on Congress to avoid a U.S. default currently expected on Oct. 18.  Helping sentiment on Wednesday, data showed companies hired at a faster than expected pace in September despite worries over the Covid delta variant. Private jobs rose by 568,000 for the month, according to ADP. That beat the Dow Jones estimate of 425,000. |
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