The likelihood that legislators will agree to raise the U.S. debt ceiling and avert a potentially disastrous default led traders to increase stock prices on Friday.
By 296 points, or 0.9%, the Dow Jones Industrial Average increased. The Nasdaq Composite rose 2%, while the S&P 500 rose 1.2%.
Negotiators from Congress and the Biden administration were closing in on a plan that would raise the US debt ceiling for two years. Although talks on Thursday night produced progress, House Speaker Kevin McCarthy noted, “We’ve got to make more progress now.”
Source (CNBC)
