Renewed Hope For Debt Deal Lifts Stocks

Renewed hope that lawmakers would resolve the debt ceiling crisis lifted the markets to a higher close with the Dow gaining 64 points to 15,301. Nasdaq climbed 23 points to 3815.

On the upside

A Seeking Alpha contributor suggested that Acadia Pharmaceuticals' (Nasdaq: ACAD) pimavanserin had the potential to become a blockbuster drug.

Investor's Business Daily listed NQ Mobile (NYSE: NQ) as a top five stock for profit growth.

A report that September iron ore imports in China climbed 4.6% to record levels lifted shares of Vale (NYSE: VALE).

On the downside

Suntech Power (NYSE: STP) reported that additional solar fields in Brindisi, Italy have been seized.

Shares of Ethan Allen (NYSE: ETH) continued falling as investors locked in profits.

Acorda Therapeutics (NYSE: ACOR) reported positive results from a Phase 2 proof-of-concept study of its post stroke deficit extended release drug dalfampridine but the stock price dropped.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 5 on the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 gained 6 points to 1710.

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