Stocks rebound on progress toward U.S. debt ceiling resolution

  • Wall Street rebounds on Republican McConnell’s offer
  • U.S. crude price hit highest since 2014, then fall

NEW YORK/LONDON, Oct 6 (Reuters) – Soaring energy prices retreated and stocks on Wall Street rebounded on Wednesday after the top U.S. Senate Republican backed an extension of the U.S. debt ceiling and Russia calmed volatile natural gas markets in Europe.

The unrelated moves eased growing angst among investors about a possible historic default on U.S. government debt and surging Dutch wholesale gas prices, the European benchmark, that had jumped eightfold this year to record highs. read more

U.S. natural gas futures plunged more than 10%, a day after they soared to a 12-year high.

Yields on one-month Treasury bills tumbled after Senate Minority Leader Mitch McConnell said his party would support an extension of the federal debt ceiling into December. Republicans had been expected on Wednesday to block a third attempt by Senate Democrats to raise the…

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