S&P 500 Up 1% on Hopes for Washington Breakthrough: Markets Wrap
- Leaders express cautious optimism for bipartisan debt accord
- JPMorgan’s Jamie Dimon says the US ‘probably’ won’t default
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The stock market climbed on speculation that a narrower group of Washington negotiators will break a deadlock on raising the US debt ceiling and avoid an unprecedented default.
Equities halted the recent trading lull, with gains in the S&P 500 topping 1% and the Nasdaq 100 hitting the highest since August. Treasuries dropped, with yields on 10-year notes approaching 3.6%. President Joe Biden expressed confidence there will be no default, and House Speaker Kevin McCarthy said reaching an agreement this week is “doable.”