Xinhua
02 Jun 2023, 08:44 GMT+10
NEW YORK, June 1 (Xinhua) -- U.S. stocks ended higher on Thursday as investors applauded the debt ceiling progress in the U.S. Congress.
The Dow Jones Industrial Average rose 153.30 points, or 0.47 percent, to 33,061.57. The S&P 500 added 41.19 points, or 0.99 percent, to 4,221.02. The Nasdaq Composite Index increased by 165.70 points, or 1.28 percent, to 13,100.98.
Nine of the 11 primary S&P 500 sectors ended in green, with technology and industrials leading the gainers by rising 1.33 percent and 1.26 percent, respectively. Meanwhile, utilities and consumer staples lost 0.78 percent and 0.09 percent, respectively.
U.S. stocks advanced Thursday after the House of Representatives passed a debt ceiling bill Wednesday night in a decisive step to keep the federal government on track to avert a potential default, with the legislation now moving to the Senate.
Bipartisan lawmakers in the House approved the bill entitled Fiscal Responsibility Act by a vote of 314-117.
"The Senate will stay in session until we send a bill avoiding default to President Biden's desk," said Senate Majority Leader Chuck Schumer.
"Any change to this bill that forces us to send it back to the House would be unacceptable," Schumer added.
Comments from some central bankers suggesting there might be no need to hike interest rates again at the Federal Reserve's June 13-14 policy meeting have also boosted market sentiment.
Philadelphia Federal Reserve President Patrick Harker said on Thursday that he thinks the Fed is near the point of being able to stop raising interest rates. This comment came one day after Harker said it might be appropriate to "skip" a rate hike in June.
The monetary policy is in much better shape now with interest rate "at a more appropriate level than it was a year ago," wrote St. Louis Federal Reserve President James Bullard, in an analysis published on Thursday.
Investors are also digesting a flurry of new economic data, which provided further insight into the U.S. labor market. The labor market has been a closely watched sector given concerns that a tight situation could compel the Fed to raise rates again.
Private companies in the United States added 278,000 jobs in May, surpassing economists' expectations of 170,000, payroll data company Automatic Data Processing (ADP) reported Thursday.
The U.S. Department of Labor reported Thursday that new jobless claims rose to 232,000 in the week ending May 27, compared with the previous week's revised level of 230,000.
The Federal Reserve will meet on June 14 and members appear divided as to what action the Fed will take, said Kenny Fisher, senior market analyst at OANDA, a supplier of online multi-asset trading services.
"U.S. economic data has been solid, making it more difficult for the Fed to take a pause," said Fisher.
Get a daily dose of Orlando Echo news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Orlando Echo.
More InformationAs it did last year, the 2023 United Nations General Assembly has been debating what role the United Nations and ...
BATON ROUGE, Louisiana: Authorities said that Greg Lawson, who fled his 1991 trial in Louisiana for attempted murder 32 years ...
OTTAWA, Canada: During a joint news conference with Ukrainian President Volodymyr Zelenskyy in Canada's capital, Ottawa, Prime Minister Justin Trudeau ...
BEIJING, China: A respected Uyghur scholar, known for her extensive work in studying Uyghur folklore and traditions, has been sentenced ...
BEIJING, China: Local authorities said a fire at the Shanjiaoshu coal mine in Guizhou province, southern China, killed 16 people ...
MADISON, Wisconsin: Last week, five flamingos were seen along a Lake Michigan beach in Wisconsin, attracting a large crowd of ...
GAINESVILLE, Florida: Local police report stopping children, ages 10 and 11, who had driven their family car 200 miles, in ...
BURBANK, California: A note by Needham media analyst Laura Martin released this week revealed that CEO Bob Iger told investors ...
(Photo credit: Sam Navarro-USA TODAY Sports) Lionel Messi will not play when Inter Miami attempt to win their second major ...
(Photo credit: Denny Medley-USA TODAY Sports) The Chicago Bears and Denver Broncos are tied for the fewest victories in the ...
(Photo credit: Vincent Carchietta-USA TODAY Sports) Pete Alonso had four hits, including a two-run homer, and scored a career-high four ...
(Photo credit: Orlando Ramirez-USA TODAY Sports) The Colorado Rockies placed right-handers Daniel Bard (right flexor strain) and Ryan Feltner (right ...