House passes procedural bill to raise the debt ceiling

House lawmakers passed a procedural bill Tuesday allowing the Senate to raise the debt ceiling by 222-212, clearing the way for Democrats to proceed without needing Republican support.

The bill now proceeds to the Senate, where at least 10 Republicans will have to join Democrats in voting in favor of the procedure. From there, the Senate will vote to raise the debt ceiling by a fixed dollar amount, with passage obtainable by a simple majority vote.

“Once the Senate has passed the legislation lifting the debt limit, the House will take up that bill and send it to the President,” House Speaker Nancy Pelosi said in a letter to Democratic lawmakers ahead of the vote.

Only one Republican, Rep. Adam Kinzinger of Illinois, voted for the House bill.

House Speaker

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Dow jumps 647 points as omicron volatility fades

U.S. stocks rallied as investor fears over the omicron variant eased, even as rising inflation and uncertainty over the Federal Reserve’s tapering plan remain top of mind.

The Dow Jones Industrial Average rose 647 points or 1.9% after gaining over 750 points earlier in the session. It was the best day since March. 

The S&P 500 and Nasdaq Composite gained 1.1% and 0.9%, respectively. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35227.03 +646.95 +1.87%
SP500 S&P 500 4591.67 +53.24 +1.17%
I:COMP NASDAQ COMPOSITE INDEX 15225.152466 +139.68 +0.93%

Most of the 30 Dow stocks rose, with Walgreens, Boeing and Amgen among the best performers. 

Ticker Security Last Change Change %
WBA WALGREENS BOOTS ALLIANCE, INC. 48.30 +1.77 +3.80%
BA THE BOEING CO. 205.87 +7.37 +3.71%
AMGN AMGEN, INC. 208.79 +6.35
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Job openings, consumer prices, Costco and GameStop earnings top week ahead

Investors will begin the week after a surge in volatility fueled by omicron fears and rising inflation. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34580.08 -59.71 -0.17%
SP500 S&P 500 4538.43 -38.67 -0.84%
I:COMP NASDAQ COMPOSITE INDEX 15085.471504 -295.85 -1.92%

FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days. 

Monday 12/6

BuzzFeed is set to begin publicly trading Monday on the Nasdaq under the ticker symbol BZFD following shareholder approval on Friday for a business combination with special purpose acquisition company 890 5th Avenue Partners. The news publisher raised $16.2 million held in trust and expects to raise approximately $150 million in fully committed convertible notes after the majority of its investors pulled out of the deal, according to the Wall Street

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Supply chain issues impacting pharmacies: What to know

The Federal Reserve reported Wednesday that many parts of the country were hit by supply chain disruptions and labor shortages in November. 

While these problems have continued into December – with price increases reported to be widespread across the U.S. economy – empty shelves aren’t the only issue for Americans. 

Pharmacies are reportedly running out of important prescription medications, and the U.S. Food and Drug Administration (FDA) shows there are about 111 drugs on backorder – including heart medications, antibiotics and cancer drugs.

SUPPLY CHAIN BOTTLENECKS, LABOR SHORTAGE HOLDING BACK US ECONOMY, FED’s BEIGE BOOK SAYS

The agency said on its website that it “continues to take steps to monitor the supply chain.” 

“The Drug Shortage Staff within the FDA’s Center for Drug Evaluation and Research (CDER) has asked manufacturers to evaluate their entire supply chain, including active pharmaceutical ingredients, finished dose forms and

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Stocks post losses ending roller coaster week

U.S. stocks finished the session lower in another choppy session as traders digested a mixed jobs report along with hawkish comments from Federal Reserve Bank of St. Louis President James Bullard. 

Bullard, who will be a voting member of the Fed next year, highlighted the “unexpected inflation shock in the U.S.” as monetary policy remains “very accommodative” in a speech. 

“These considerations suggest, on balance, that the Federal Open Market Committee should remove monetary policy accommodation,” he said.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34580.08 -59.71 -0.17%
SP500 S&P 500 4538.43 -38.67 -0.84%
I:COMP NASDAQ COMPOSITE INDEX 15085.471504 -295.85 -1.92%

The Dow Jones Industrial Average fell over 57 points or 0.17%,

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