The US stock market ended higher anticipating an agreement on an increase in the debt limit in the United States and putting aside the bad news about inflation.
The technology-based Nasdaq led gains with a 2.2% rise to its highest level of the year, while the Dow Jones gained 1% and the S&P 500 1.31% at the closing bell.
What happened to the dollar?
The bill threaded a third consecutive week of gains on Fridayas markets increased their bets on higher interest rates for longer and took note of last-minute US debt ceiling talks.
The apparent progress in talks between President Joe Biden and the top Republican in Congress, Kevin McCarthy, helped ease investor jittersbut there were still doubts about when both parties would reach an agreement.
Biden and McCarthy are closing in on a deal that would raise the government’s debt ceiling to $31.4 trillion over two years. and would limit spending on most items, a US official told Reuters, shortly before a long Memorial Day weekend in the United States.
But a White House official reporting on the talks warned that “significant issues” remained.
The dollar index, which measures the greenback against a basket of six currency pairs, fell 0.038% on the day to 104,170 units but posted a third consecutive week of gains.
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