Wall Street rose along with hopes that the U.S. government can avoid a default on its debt.
The S&P 500 rose 1.2% Wednesday. The Dow added 408 points, also 1.2%.
Much of the gain came after President Joe Biden said he’s confident of reaching a deal with Republicans. Washington faces a June 1 deadline when the U.S. government could run out of cash. Also boosting confidence was Target, which reported stronger profit than expected. That eased worries about the financial strength of U.S. households. Several beaten-down banks also rose to recover some of their big losses from earlier in the year.
On Wednesday:
The S&P 500 rose 48.87 points, or 1.2%, to 4,158.77.
The Dow Jones Industrial Average rose 408.63 points, or 1.2%, to 33,420.77.
The Nasdaq composite rose 157.51 points, or 1.3% to 12,500.57.
The Russell 2000 index of smaller companies rose 38.32 points, or 2.2%, to 1,774.50.
For the week:
The S&P 500 is up 34.69 points, or 0.8%.
The Dow is up 120.15 points, or 0.4%.
The Nasdaq is up 215.82 points, or 1.8%.
The Russell 2000 is up 33.65 points, or 1.9%.
For the year:
The S&P 500 is up 319.27 points, or 8.3%.
The Dow is up 273.52 points, or 0.8%.
The Nasdaq is up 2,034.08 points, or 19.4%.
The Russell 2000 is up 13.25 points, or less than 0.8%.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Click the link below and we'll send you MarketBeat's list of seven best retirement stocks and why they should be in your portfolio.
Get This Free Report
