NEW YORK (TheStreet) -- Major U.S. stock markets surged Thursday after investors cheered a possible short-term agreement between Republicans and Democrats to raise the nation's borrowing limit.
The S&P 500 advanced 2.2% to 1,692.56, the benchmark's biggest jump since January 2.
House Speaker John Boehner urged his Republican colleagues to agree to a short-term debt ceiling increase, while White House Press Secretary Jay Carney didn't signal that President Obama would reject the plan.
"History has proven time and again that the system is stronger and more resilient than the politicians and we are confident that this again will be the case," J. Wesley Clayton, managing director and founder of HighTower's Twickenham Wealth Advisors in Huntsville, AL commented in an email. "We always take a longer term view of the markets, and the current version of proven political incompetence to solve problems effectively suggests that the more things change, the more they stay the same.
Best Buy (BBY) shares soared 7.6% to $39 after Stifel Nicolaus reported that consumer interest in shopping at the electronics retail chain appears to be improving at a steady pace with late September and early October data showing high single digit year-over-year improvements. Separately, the company is reportedly getting ready to launch a trade-in offer that would allow customers to trade in a working smartphone for a $100 gift card that could go toward the purchase of the new Apple AAPL iPhone 5s and 5c smartphones.