Stocks on Wall Street rebounded from an early morning sell-off on Wednesday as Republicans appeared to offer a path, albeit temporary, to ending the US debt ceiling stand-off in Congress.
Mitch McConnell, Senate minority leader, said in a statement on Wednesday that his Republican party would support an emergency extension on the federal government debt ceiling into December, which would stave off the immediate threat of a US default.
The benchmark S&P 500 reversed its early losses of as much as 1.3 per cent, closing up 0.4 per cent following the comments. The technology-heavy Nasdaq Composite climbed 0.5 per cent.
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