Stocks rally amid debt debate, Walmart earnings: Stock market news today

Stocks closed higher on Thursday as investors await updates to the ongoing debt ceiling debate and quarterly results from Walmart (WMT) flashed resilience from the American consumer.

The S&P 500 (^GSPC) rose 0.94%, while the Dow Jones Industrial Average (^DJI) added 115 points, or 0.34%. The technology-heavy Nasdaq Composite (^IXIC) was up 1.51%.

President Joe Biden left for Asia on Wednesday with no debt ceiling plan in place but enough optimism to help send stocks higher on Wednesday. House Speaker Kevin McCarthy told reporters that Wednesday’s discussion “set the the stage to carry on further conversations.”

“We are starting to see enough common themes in their views to feel confident that a deal is going to be announced in relatively short order,” Jefferies US Economist Thomas Simmons wrote in a note on Wednesday. “Given the June 1 X-date warnings from Treasury and the time it takes for the legislative process to play out, we could see an announcement of a framework as…

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