Stocks rose on Thursday as House Speaker Kevin McCarthy said a vote on a debt ceiling agreement may happen as soon as next week.
The S&P 500 closed higher than its 2023 closing high. Walmart‘s good performance in an otherwise challenging season for retail contributed to the day’s significant earnings.
Stock Market Gains Today
On Thursday, as investors wavered between hope regarding the debt ceiling discussions and worry regarding hawkish Fed comments, the S&P 500 rose above its closing high for the year. The Nasdaq increased 1.5%, the S&P gained 0.9%, and the Dow Jones Industrial Average increased by 115 points.
The House of Representatives, according to Speaker Kevin McCarthy, might vote on a debt-ceiling agreement as early as next week, and according to Fed futures, there is a 59.8% chance of a rate freeze at the June meeting, while 40.2% of market participants anticipate a rate hike. While Target was among the S&P 500’s worst performances, Nvidia had a good day.
- A vote on a debt ceiling agreement may happen as soon as next week.
- The Nasdaq increased 1.5%, the S&P gained 0.9%, and the Dow Jones Industrial Average increased by 115 points.
- The stock has increased more than 114% so far this year.
A day after its chief executive officer alerted investors about the dangers of retail theft, Target’s (ticker: TGT) shares had the worst performance in the S&P 500 on Thursday.
The stock price fell 4.7%, putting it on track to see its biggest percentage decline since December 2022. Even if gold prices modestly declined in afternoon trading, a UBS strategist is still optimistic about the precious metal.
Following two price target increases from analysts who are optimistic about the development of artificial intelligence technologies and the ensuing demand for Nvidia AI-geared graphics processing units, Nvidia (ticker: NVDA) stock was on the rise.
If it closes there, it will be the highest close since $318.26 was reached in December 2021. The stock has increased more than 114% so far this year.