Wall Street gains ground after Congress passed debt ceiling bill

2023-06-02 14:51PM UTC

US stock indices rose on Friday after Congress passed the bill raising the debt ceiling level, and following positive employment data. 


Employment Data


Earlier data showed the US economy added 339 thousand new jobs in May, easily blistering through estimates of 193 thousand. 


Unemployment however rose to 3.7% last month ,while analysts expected a drop to 3.4%. 


US Debt Ceiling


Earlier today, US Senate passed the bill raising the US debt ceiling in order to avoid a catastrophic debt default. 


US President Joe Biden lauded the successful vote to raise the debt ceiling until 2025, noting it's a big victory for the economy and US people. 


On trading, Dow Jones rose 1.5% as of 15:49 GMT to 33,543, while S&P 500 rose 1.1%, or 48 points to 4,269, as NASDAQ added 0.8%, or 109 points to 13,203. 

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