Wall Street gains ground after Congress passed debt ceiling bill

Economies.com
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. 

American Markets News

Americas News

Markets

Wall Street mixed, S&P 500 scales fresh record high
2024-06-20 16:16PM UTC
US stock indices were mixed on Thursday, with S&P 50 edging to a fresh record high on the back ...
Americas News

Markets

Wall Street climbs as the week opens up
2024-06-17 16:30PM UTC
US stock indices rose on Monday ahead of important data, and before an official holiday this ...
Americas News

Markets

US stock indices head lower after data
2024-06-13 16:51PM UTC
Most US stock indices declined on Thursday after the release of important data, while markets ...