Wall Street climbs over 1% at the open

1 week ago

US stock indices rose on Friday following data and growing optimism on the US debt ceiling crisis.


Continuous Optimism 


Both Reuters and Bloomberg reported from President Biden and Congressional Republican Kevin McCarthy's representatives about progression towards raising the debt ceiling for two years.


The White House issues a statement yesterday, noting that negotiations are progressing well on the crucial issue. 


Biden will carry on talks with Congressional leaders later this week to avoid a catastrophic default on payments.


Some sticking points however remain between both sides on this issue. 


In a sign of impending danger, Fitch Ratings said it has placed US credit rating under negative review, which might lead to a downgrade.




US consumer spending rose more than expected in April, bolstering estimates about growth in the second quarter, however it might push the Federal Reserve to maintain high interest rates for a longer duration.


US consumer spending rose 0.8% last month, beating estimates of a 0.4% increase.


Such strong data calmed down fears of a sharp slowdown in growth during this quarter.


On trading, Dow Jones rose 1.1%, or 3655 points to 33,129 as of 15:37 GMT, while S&P 500 rose 1.1%, or 48 points to 4,199, as NASDAQ added 1.5%, or 196 points to 12,895. 

American Markets News

Americas News


Wall Street leans higher as the week opens up
12 hours ago
US stock indices mostly rose on Monday as investors assess latest developments in monetary ...
Americas News


Wall Street gains ground after Congress passed debt ceiling bill
3 days ago
US stock indices rose on Friday after Congress passed the bill raising the debt ceiling level, and ...
Americas News


Wall Street reverses higher on optimism over debt ceiling deal
4 days ago
US stock indices rose on Thursday after a slip earlier in the session amid renewed optimism on the ...