Stocks rose Wednesday as investors hoped congressional leaders and President Joe Biden could come to a deal on the U.S. debt ceiling and avoid a catastrophic debt default.
The Dow Jones Industrials climbed 176.13 points, to break for lunch Wednesday at 33,188.27. The 30-stock index is down more than 3%
this month, including a 1% decline on Tuesday.
The S&P 500 pulled ahead 21.48 points to 4,131.38.
The NASDAQ Composite regained 65.11 points to 12,408.16.
Regional bank shares rebounded on Wednesday, helping market sentiment, as Western Alliance Bancorp detailed improving deposit growth. Western shares sprouted $4.58. or 14.5%, to $36.17.
Tesla shares rose $6.65, or 4%, to $173.17, on Wednesday after the electric vehicle maker’s annual shareholder meeting boosted some investor optimism in the company.
At the conclusion of a meeting between the president and congressional leaders Tuesday, House Speaker Kevin McCarthy said that a “better process” is now in place for further talks, saying it’s “possible to get a deal by the end of the week.” The White House said that Biden canceled a second leg of an upcoming international trip to focus on the negotiations.
Prices for the 10-year Treasury demurred, raising yields to 3.57% from Tuesday’s 3.53%. Treasury prices and yields move in opposite directions.
Oil prices added $1.29 to $72.16 U.S. a barrel.
Gold prices forfeited $9.10 to $1,983.90 U.S. an ounce.