Bipartisan progress on the debt ceiling shored up market gains after a shaky morning, though the approaching Hurricane Irma kept a cap on a rally. Earlier, President Trump agreed with Democrats to raise the debt ceiling to December.
Consumer spending grew in the majority of the 12 Fed districts, while employment growth slowed, according to the central bank's latest Beige Book. The Fed also said it was "too soon" to gauge the impact of Hurricane Harvey on the economy.
Newell Brands Inc. (NWL) cut profit forecasts as it accounts for the effect of Harvey on its resin supplier facilities in Texas and Louisiana. Many of its facilities have declared force majeure.
United Continental Holdings Inc. (UAL) is also assessing how Harvey has impacted operations. The airline reduced a key revenue metric in the wake of the hurricane and as fuel expenses climb. United expects passenger revenue per available seat mile to decline by as much as 5%.
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