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NEW YORK (CNNMoney)
The Dow Jones industrial average, S&P 500 and Nasdaq were all modestly higher. The Dow and S&P 500 are about 2% from the record highs hit earlier last week.
Market sentiment has taken a hit in the past few days as investors worry about a possible government shutdown and the upcoming debt limit. Congress has less than a week to agree on a short-term funding bill to prevent a shutdown on Oct. 1, and despite all the squabbling, investors largely assume that lawmakers will reach a last-minute deal.
"Expectations are that a stop gap budget will once again be proposed and approved," said Tom Stringfellow, chief investment officer at Frost Investment Advisors.
Senate Majority Leader Harry Reid tried to use the recent dip in stocks to help convince lawmakers to come to an agreements.
"Five days in a row, the longest continuous period since 2012, the stock market has gone down and they all say it is a result of the fear of the government shutting down," he said on the Senate floor Thursday morning. "And why should the financial markets feel any differently? People are still speaking about closing the government!"
Earnings on the horizon: Though Washington is in the spotlight, investors will also soon turn their attention to third-quarter earnings .
Analysts expect earnings growth of 3.6% for the S&P 500 companies, according to S&P Capital IQ estimates. That would be the smallest increase in a year. But revenue is forecast to grow by 4.8%, the best pace in over a year.
Nike (NKE, Fortune 500), one of the newest members of the Dow, will release its latest quarterly results after the closing bell.
What's moving: Facebook (FB) shares hit an all-time high above $50 a share. Shares have nearly doubled since Facebook's second-quarter earnings report in July that reassured investors about the company's mobile strategy. The rally marks a sharp reversal for the stock , which was a big disappointment after its botched May 2012 IPO.
"$FB Smoking!," commented StockTwits users smarterthanyou. "How quickly disdain can turn to ravenous passion. $FB has gone from the most hated to one of the most adored."
J.C. Penney (JCP, Fortune 500) shares bounced back Thursday after J.C. Penney CEO Mike Ullman reportedly told investors that the company won't need to raise capital this year, according to CNBC. On Wednesday, the stock plunged 15% following reports that the retailer might seek $1 billion through a stock sale.
In a statement Thursday morning, J.C. Penney said it is "pleased thus far in the company's turnaround efforts," and added that it expects to book positive same-store sales during the third and fourth quarters.
But some StockTwits users remained skeptical.
"$JCP I want to believe in a turnaround but who really thinks $JCP has anything competitive except price?" asked zwischler. "Their clothes are not great brands."
Shares of Bed Bath & Beyond (BBBY, Fortune 500) climbed after the retailer posted quarterly earnings Wednesday that beat expectations.
JPMorgan Chase (JPM, Fortune 500) and Morgan Stanley (MS, Fortune 500) shares advanced following reports that the banks will help lead Twitter's initial public offering. Goldman Sachs (GS, Fortune 500) is expected to be the lead underwriter, according to previous reports.
JPMorgan Chase CEO Jamie Dimon has also reportedly met with Attorney General Eric Holder to settle a number of government investigations related to mortgage-backed securities for a whopping $11 billion, according to a source familiar with the situation.
Related: Fear & Greed Index, wallowing in fear
On the economic front, gross domestic product in the U.S. grew at an annual rate of 2.5% during the third quarter according to the government's final GDP reading. Jobless claims fell slightly to 305,000 last week, which was below expectations. Pending home sales declined for a third straight month, but less than economists were expecting.
European markets turned higher in afternoon trading. Asian markets ended mixed. Markets in China declined, but Japanese stocks rallied -- with the Nikkei jumping by 1.2% -- on talk of a potential corporate tax cut.
First Published: September 26, 2013: 9:49 AM ET
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