
Investing.com -- U.S. stocks are rising as investors await the outcome of debt ceiling negotiations.
At 10:50 ET (14:50 GMT), the Dow Jones Industrial Average was up 332 points or 1%, while the S&P 500 was up 1.1% and the NASDAQ Composite was up 1.6%.
Lawmakers appear close to announcing a framework for an agreement, though the debt ceiling deadline of early June is still looming as Congress takes a break for the Memorial Day weekend.
Deputy Treasury Secretary Wally Adeyemo said lawmakers are making progress in reaching a deal. Uncertainty has weighed on stocks this week, with the S&P and the Dow on course for their worst week in about two months.
The S&P and the Dow are on course for their worst weekly performance in over two months as debt ceiling talks have been dragging on in Washington even as the June 1 deadline looms large.
The Commerce Department's personal consumption expenditures price index, thought to be the Federal Reserve's preferred measure of inflation, rose 0.4% in April, as expected. Excluding volatile food and energy, the core PCE price index, rose 0.4% last month, higher than expectations of 0.3%.
Michigan consumer sentiment was a stronger-than-expected 59.2 for May but still down from a prior reading.
More futures traders are now predicting another quarter of a percentage point interest rate increase by the Federal Reserve when it meets next month. Less than half of traders are predicting a pause.
Shares of Ford Motor Company (NYSE:F) rose 7% after it said its electric vehicle owners would have access to Tesla’s superchargers in North America early next year.
Casual clothing retailer Gap Inc (NYSE:GPS) shares rose 9.8% after it posted a surprise profit for the first quarter, while shares of Ulta Beauty (NASDAQ:ULTA) shed11% after it cut its operating margin forecast for the year.
Shares of chip maker Marvell Technology Group Ltd (NASDAQ:MRVL) jumped 27.8% after it predicted its revenue from artificial intelligence would double.
Begin trading today! Create an account by completing our form
At One Financial Markets we are committed to safeguarding your privacy.
Please see our Privacy Policy for details about what information is collected from you and why it is collected. We do not sell your information or use it other than as described in the Policy.
Please note that it is in our legitimate business interest to send you certain marketing emails from time to time. However, if you would prefer not to receive these you can opt-out by ticking the box below.
Alternatively, you can use the unsubscribe link at the bottom of the Demo account confirmation email or any subsequent emails we send.
By completing the form and downloading the platform you agree with the use of your personal information as detailed in the Policy.