Stocks bolted higher on news a deal is in place that would avoid a debt default by the federal government. The agreement would be a temporary one, in a sense simply kicking the issue of the debt ceiling down the road. The path to a deal reemerged this morning with Harry Reid and Mitch McConnell in the Senate coming to an agreement. Last night, things seemed to collapse when the House canceled a vote on a bill because there wasn't enough Republican support to pass it.
Bank of America (BAC) was the biggest of several companies reporting earnings this morning. The bank beat on the bottom line, posting earnings of 20-cents a share when expectations had been for 18-cents. It missed, however, on the top line with revenues of $21.53-billion versus estimates of $22.034-billion. The bank says revenues from fixed income, currency and commodity trading fell 20%, excluding charges. The drop was offset at least in part by trading ofRead More »from Stocks Bolt Higher as Debt Deal Reached; BAC, PEP, MAT, SWK Report