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Confidence that the debt-ceiling drama could end soon helped lift the S&P 500 and Nasdaq to their highest levels in 9½ months.
Major indexes were lower as the market awaits the debt-ceiling vote.
Big tech companies continue to shine thanks to optimism over AI, while the broader market struggles.
U.S. stocks ended the week broadly higher, thanks to growing optimism about a debt-ceiling deal and a string of strong earnings reports from microchip makers that delivered a fifth straight weekly gain for the Nasdaq Composite, leaving it at a nine-month high.
Big tech companies helped keep the major U.S. stock indexes afloat Thursday, thanks in part to a blockbuster sales forecast from chip giantNvidia (NVDA), even as the rest of the market wallowed in the face of concerns about a potential national debt default.
The ongoing debt-ceiling impasse weighed on U.S. stocks for a second day Wednesday, leaving the Dow Jones Industrial Average near a two-month low and the S&P 500® Index at its lowest level in a week.
The apparent lack of progress on the debt-ceiling negotiations weighed on stocks Tuesday, with the S&P 500® Index dropping to its lowest level in a week.
U.S. stocks were mixed Monday, though the Nasdaq Composite closing at fresh nine-month highs, as investors watched for debt ceiling news out of Washington, D.C.
Uncertainty over the debt ceiling negotiations weighed on U.S. stocks Friday, but major indexes such as the S&P 500®Indexand Nasdaq Composite were still higher for the week.
Stronger-than-expected quarterly numbers from Walmart(WMT) and growing optimism over the debt-ceiling negotiations helped push the S&P 500® Index and the Nasdaq Composite to near nine-month highs Thursday, though the market has also started putting higher odds on another rate increase from the Federal Reserve in June.
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