Stocks on Wall Street Rise as Hopes Grow for US Debt Ceiling Agreement

Investing.com – Stocks on Wall Street rose during these trading moments on Wednesday, as investors hoped that congressional leaders and US President Joe Biden would reach an agreement on the US debt ceiling and avoid a debt default.

America’s bankruptcy: debt default and the end of the dollar..what if?

Hakeem Jefferies, the leader of the Democrats in the US House of Representatives, confirmed that he is optimistic about reaching common ground in talks to raise the debt ceiling during the next week or so.

For his part, US House Speaker Kevin McCarthy defended today, Wednesday, Republican proposals to impose work requirements on Americans who receive some federal benefits, as well as spending restrictions, and said that this would help the US economy.

McCarthy added, during an interview with the American channel “CNBC”, that the current negotiations regarding raising the US debt ceiling will not include discussing taxes.

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Concerns about potential defaults have affected the markets recently. The Dow Jones is down more than 3% this month, including a 1% drop on Tuesday.

“The meeting between President Biden and House Speaker McCarthy went as hoped, and we continue to anticipate a long-term debt ceiling deal,” Citi’s chief US economist Andrew Hollenhorst wrote in a note on Tuesday.

On the heels of the news, regional bank stocks rebounded on Wednesday, which helped lift market sentiment. The SPDR S&P Regional Bank ETF jumped 3.4%, while Western Alliance rose 12%.

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Eliminate the debt ceiling

Economist Paul Krugman believes that the United States is close to defaulting on its debt, calling for the abolition of the federal debt ceiling.

The Nobel laureate (OTC:) in Economics said: The possibility that the US federal government will be unable to finance its normal operations has become a reality.

He added, “If that happens, it will be because Republicans in the US Congress are trying to exploit the debt ceiling to extort political concessions that they would not have a chance to obtain through the normal legislative process.”

Pointers now

It rose by 0.34%, at 33,117 points.

It rose at 4123 points, or 0.33%.

While the compound rose by 0.55 percent to 12,387 points.

markets now

It fell by 0.32% to $1,986.

While it fell by 0.3% at 1983 dollars an ounce.

It rose by 0.45%, at 102.84 points.

It rose by 0.65% to $75.4 a barrel.

And Texas crude gained nearly 0.79% to $71.4 a barrel.