Stocks Rise As House Kicks Debt Ceiling Can To May 19; IBM Accounts For 76 Of 73 Up Dow Jones Points

No sooner had the House got its 212 votes to pass (with 109 Democrats voting against) the debt-ceiling extension "No Budget, No Pay" bill then Silver and US equities began to rise. At the same time, WTI started to crack lower. Now it is over to Harry Reid and the promised 'smooth sailing' through the Senate. As a reminder for all those ebullient Dow watchers, IBM's gains today account for 76 Dow points - which means the remaining 29 names of the Dow are -3 points! The brief risk-on rally is already fading...priced-in? or doesn't matter?

The initial excitement has faded...



Dow's gain entirely due to IBM...


The House, by a vote of 285-144 passed the "No Budget, No Pay" measure that ties a temporary suspension of the federal debt limit with the Senate passing a budget. House Speaker John Boehner (R-OH) called the measure "a plan to balance the budget over the next ten years." The deal would raise the government's current $16.4 trillion debt limit until May 19. In exchange, the House and Senate must pass a budget resolution by April 15 or place members' salaries in an escrow account until the chamber acts.


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