“US Stocks Surge as Optimism Grows on Debt Ceiling Agreement”

NEW YORK (Reuters) – Wall Street’s main indices rose sharply at the end of trading on Wednesday, boosted by optimism about a possible agreement to raise the government’s debt ceiling of $31.4 trillion and as bank stocks rebounded, easing fears of worsening sector crises.

On Wednesday, US President Joe Biden and Republican Congressional Leader Kevin McCarthy stressed their intention to reach an agreement soon to raise the debt ceiling and avoid the government defaulting on its obligations, which could lead to catastrophic economic repercussions.

According to preliminary data, the Standard & Poor’s 500 index closed up 48.85 points, or 1.19 percent, to 4,158.75 points, and the Nasdaq Composite Index rose 157.51 points, or 1.28 percent, to 12,500.57 points. The industrial index rose 410.64 points, or 1.24 percent, to 33,422.78 points.

(Prepared by Mahmoud Abdel-Gawad for the Arabic Bulletin – Edited by Salma Najm)