Dow Jones Industrial Average futures rose 252 points, or 0.73%, while S&P 500 futures and Nasdaq 100 futures climbed 0.84% and 1.08%, respectively.
Senate Majority Leader Chuck Schumer, D-N.Y., said early Thursday that “good progress” has been made on debt ceiling negotiations but that a deal has not yet been reached. A report out Wednesday said Republicans were willing to raise the limit until December but that they wanted a deal tied to a number and not a date.
In stocks, mega cap technology companies, including Apple Inc., Amazon Inc. and Microsoft Corp., were on track for a third straight day of gains.
Meanwhile, IAC/Interactive Corp. agreed to buy magazine publisher Meredith for $42.18 per share, or $2.7 billion. The deal does not include the local media group Gray Television, which was sold for $16.99 per share and is scheduled to close later this year.
Twitter Inc. reached a deal to sell mobile ad company MoPub to AppLovin for $1.05 billion cash. Twitter bought the company in 2013 in a deal that was estimated to be worth more than $350 million.
Elsewhere, Costco Wholesale Corp. said September sales spiked 15.8% from a year ago, topping analysts’ forecasts.
Levi Strauss & Co. reported earnings and revenue that exceed estimates as back-to-school shopping boosted sales.
In commodities, West Texas Intermediate crude oil dipped $1.16 to $76.27 a barrel and gold edged up 60 cents to $1762.40 an ounce.
Overseas markets were in rally mode.
European bourse were sharply higher with Britain’s FTSE 100 gaining 1.07%, Germany’s DAX 30 rising 1.23% and France’s CAC 40 advancing 1.43%.
In Asia, Hong Kong’s Hang Seng index soared 3.07% ad Japan’s Nikkei 225 ticked up 0.54%. China’s Shanghai Composite remained closed for holiday.