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Wall Street indexes end sharply higher on optimism about debt ceiling

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US stocks finished sharply higher as talks on raising the debt ceiling progressed, while chip stocks surged for a second straight day on optimism about artificial intelligence

Traders work on the floor of the New York Stock Exchange in New York City, U.S., April 19, 2023. REUTERS/Brendan McDermid

Volume on U.S. exchanges was relatively light, with 9.8 billion shares traded, compared to an average of 10.5 billion shares over the previous 20 sessions.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.

"We still have inflation, we still have higher interest rates and that will continue to be an overhang for the market until the Federal Reserve goes on the sidelines," said David Sadkin, president at Bel Air Investment Advisors. Traders now see a 60% chance of a 25-basis-point hike by the Fed in its June policy meet, up from about 40% before the data, according to the CME FedWatch tool.

 

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