Chip stocks jumped for the second day in a row
US stocks closed higher on Friday, with progress made in talks related to raising the US debt ceiling, while chip stocks jumped for the second day in a row amid optimism about artificial intelligence.
After several rounds of talks, a US official told Reuters that US President Joe Biden and Republican House Speaker Kevin McCarthy are close to reaching an agreement to raise the government’s debt ceiling of $31.4 trillion for two years, with a spending cap on most items.
The “Standard & Poor’s 500” index closed, up 1.31% at 4,205.46 points, while it rose for the second week in a row, after rising by 0.32%.
The Nasdaq Composite Index increased 2.19% to 12,975.69 points, while it recorded a weekly gain of 2.51%, an increase for the fifth consecutive week.
The Dow Jones Industrial Average rose 1% to 33,093.27 points at the close, but fell 1%.
2023-05-27 08:44:00
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