Wall Street looks to return to ‘normalcy,’ S&P 500 rises


Though the Dow slipped — held back by weak earnings from IBM, UnitedHealth, and Goldman Sachs — the S&P 500 and Russell set records as the Street put the government shutdown and debt ceiling crisis behind it. On the S&P 500, nine of 10 industry groups gained; only tech fell. On the Dow, Verizon and American Express rose the most; profits beat forecasts. Now that the US has avoided default, profit news is apt to dominate for now. There was another sign of normalcy: The one-month T-bill was back to a 0.01% yield, down from 0.35% Tuesday. Investors feared the T-bill would be the first piece of government debt to be affected by a default.

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