US stocks rose broadly in their last trading day before a long weekend, despite painfully slow progress on debt ceiling negotiations and disappointing inflation data. Chip stocks surged for a second straight day on optimism about artificial intelligence.
Investors were closely watching debt ceiling talks as Biden and McCarthy still seemed at odds over several issues heading into the long weekend, with the U.S. stock market closed on Monday for the Memorial Day holiday. but strategists warned there was still a prospect of a sell-off if debt ceiling negotiations break down. Any agreement would have to pass the Republican-controlled House of Representatives and the Democratic-controlled Senate, with the June 1 deadline fast approaching.
The S&P 500 climbed 1.30% to end at 4,205.45 points. The Nasdaq gained 2.19% at 12,975.69 points, while Dow Jones Industrial Average rose 1.00% to 33,093.34 points. This means the Dow Jones Industrial Average ended a five-day losing streak, while the Nasdaq Composite Index and S&P 500 closed at their highest levels since August 2022, with the S&P 500 above 4,200 points. And for the week, the S&P 500 rose 0.3%, the Dow fell 1.0% and the Nasdaq jumped 2.5%.
But Data showed U.S. consumer spending increased more than expected in April and inflation picked up, which could prompt the Federal Reserve to raise interest rates again next month. A measure of inflation most closely watched by Federal Reserve officials picked up in April, reflecting the difficult path ahead for economic policymakers as they weigh whether to raise interest rates again to bring down stubborn price increases.
- CONTENT*
0:00 Start
0:15 Introduction
0:30 AI
1:24 Debt Ceiling Issues
3:00 US Markets
3:40 US Retail Sales
4:15 PCE Data Higher
5:00 Rate Hikes Coming?
7:20 Treasuries
7:40 Europe
8:20 UK Retail Sales
9:50 Asia
12:30 Oil
13:45 Gold
16:13 Australia
18:50 RBA To Lift Again
21:20 Crypto
22:05 Summary and Close
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