2023-05-27 01:05:36
© Reuters. Traders on the New York Stock Exchange 22/05/2023 REUTERS/Brendan McDermid
By Noel Randewich and Shristi Achar A
(Reuters) – U.S. stocks closed sharply higher on Friday as talks on raising the U.S. debt ceiling progressed, while chip makers rose for a second straight day on optimism. regarding artificial intelligence.
After several rounds of talks, US President Joe Biden and Republican Congressional Leader Kevin McCarthy appeared to be reaching an agreement to increase the government’s $31.4 trillion debt limit by two years, while limit spending on most items, a US official told Reuters.
The index closed up 1.00%, at 33,093.34 points. The gained 1.30%, to 4205.45 points. The Composite technology index advanced 2.19% to 12,975.69 points.
Investors were closely watching the debt ceiling talks as Biden and McCarthy still appear to disagree on several issues ahead of the US long weekend, with US stock markets closed on Monday for the Memorial Day holiday. .
“All signs point to a deal being made and this rally being sustained, but if we go through the weekend without a deal or if it falls apart in some way, then we’ll wake up Tuesday morning with pretty significant losses,” said Scott Ladner, director of investments at Horizon Investments in Charlotte, North Carolina, USA.
(Reporting by Shreyashi Sanyal and Shristi Achar A in Bengaluru and Noel Randewich in Oakland, Calif.)
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