Markets Rise on Debt Ceiling Hope - InvestingChannel

Markets Rise on Debt Ceiling Hope

The S&P 500 rose to start the week Monday as traders assessed ongoing debt ceiling negotiations.

The Dow Jones Indusrials climbed to within 9.86 points of breakeven to at 33,290.76.

The much-broader index eked up 5.26 points to 4,129.34.

The NASDAQ Composite gained 60.65 points to 12,345.39.

In focus for investors were debt ceiling talks, which were postponed to this week from Friday. President Joe Biden is expected to host top congressional leaders on Tuesday.

Elsewhere, corporate earnings season is drawing to a close, but some major retail reports this week will give investors further insight into the state of the consumer. Home Depot reports Tuesday, Target Wednesday and Walmart Thursday.

On Monday, investors digested the May data for Empire State Manufacturing survey, which showed a collapse in manufacturing activity in New York. The survey fell 43 points from April to a reading of -31.8, below the Dow Jones estimate of -5.

Prices for the 10-year Treasury withered, hoisting yields to 3.50% from Friday’s 3.46%. Treasury prices and yields move in opposite directions.

Oil prices jumped $1.20 to $71.24 U.S. a barrel.

Gold prices grabbed $2.20 to $2,022 U.S. an ounce.

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