The Dow Jones Industrials sprang forward 115.2 points to conclude Thursday at 33,535.97.
The S&P 500 progressed 39.24 points to 4,198.01.
The NASDAQ jumped 188.27 points, or 1.5%, to 12,688.84.
Retail giant Walmart helped the market, adding about 1% on the back of its strong financial report. The company beat Wall Street forecasts on both earnings per share and revenue in its first quarter and raised its expectations for full-year performance.
Truist downgraded Procter & Gamble to hold from buy on Thursday and lowered its price target to $155 from $165 per share.
But sentiment was kept in check as the latest economic data hinted at a resilient economy and as Dallas Fed President Lorie Logan said the latest data doesn’t argue for a pause in rate hikes yet when the Fed next decides rate policy on June 14.
House Speaker Kevin McCarthy told the media on Wednesday that he does not believe the U.S. will default on its debt. President Joe Biden also stated in later remarks that he was confident lawmakers would come together to reach a deal and avoid a default. The president is cutting short a trip to Asia and will return on Sunday, giving traders hope a deal could be done by then.
Prices for the 10-year Treasury crumbled, raising yields to 3.65% from Wednesday’s 3.58%. Treasury prices and yields move in opposite directions.
Oil prices subtracted 83 cents to $72.05 U.S. a barrel.
Gold prices lost $24.90 to $1,957.20 U.S. an ounce.