Market Snapshot: U.S. stocks on track for weekly gains as debt-ceiling hopes boost markets

by | May 19, 2023 | Stock Market

U.S. stocks traded higher Friday, with all three major benchmarks heading for weekly gains, as investors await remarks from Federal Reserve Chairman Jerome Powell while hopes remain high for a debt-ceiling deal in Congress. What’s happening
The Dow Jones Industrial Average
rose 108 points, or 0.3%, at 33,645.

The S&P 500
gained 13 points, or 0.%, to trade at 4,211.

The Nasdaq Composite
was up 6 points or 0.1%, at 12,696.

The S&P 500 and Nasdaq ended at nearly nine-month highs on Thursday and all three major indexes are on track for weekly gains.

What’s driving markets Better-than-expected corporate earnings and economic data, along with hopes for a debt ceiling deal as soon as next week, are helping to push markets higher, said Art Hogan, chief market strategist at B.Riley Wealth. “The momentum from this week’s constructive action seems to be carrying into Friday,” Hogan said during a phone interview. Investors who had been betting against stocks appear to be scrambling to buy them as the U.S. economy shows signs of continuing to grow, while mostly hopeful signs have emerged from negotiations to lift the U.S. government’s debt ceiling. Federal Reserve Chair Jerome Powell was due to step up to the microphone at 11 a.m. Eastern — in a conversation with former Fed Chair Ben Bernanke — followin …

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