Stocks rally as earnings, debt-ceiling talks stay in focus: Stock market news today

Stocks rallied on Wednesday as investors remained hopeful that debt-ceiling talks between President Joe Biden and congressional leaders will produce a breakthrough.

The S&P 500 (^GSPC) advanced 1.19%, while the Dow Jones Industrial Average (^DJI) gained 1.24%, or more than 400 points. The technology-heavy Nasdaq Composite (^IXIC) surged 1.28%.

Wall Street has been kept on its toes as the White House and congressional leaders try to thrash out a deal to avoid a looming US debt default. A smaller group of negotiators is taking over as President Joe Biden travels to Asia, but he has announced plans to cut short his trip this week.

Treasury Secretary Janet Yellen and others have warned of catastrophic impacts on the US economy in the case of a default, seen as potentially coming as early as June.

On Wednesday, the yield on the 30-year Treasury bond was little changed. The yield on the 10-year note rose to 3.57%, while the two-year note yield traded up to 4.15%. The dollar index…

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