Wall Street rallies fueled by McCarthy's comments and hopes for raising the US debt limit ⚡
Wall Street opens higher after positive comments from MCCarthy, he said that talks also made progress this morning and negotiators will continue to work today on the Debt Ceiling.
Debt-limit negotiations continued overnight, according to House Speaker Kevin McCarthy, as the deadline for potential default approaches. McCarthy expressed optimism about the progress made during the talks, stating that they worked into the night and made headway. However, he mentioned that he hasn't had recent communication with President Joe Biden. With most lawmakers away for the long holiday weekend, the Capitol complex is nearly empty, but negotiators have been instructed to keep working until an agreement is reached. While the two sides have narrowed their differences in recent discussions, the specifics of the agreement remain tentative and a final resolution has not yet been achieved.
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The US500 and US100 indices rally after the opening, driven by optimism surrounding a potential debt-ceiling agreement. If an agreement is reached, it could lead to further market gains and potentially result in a break above a crucial support level.
US100 gains nearly 2% on the opening breaking above significant support around 14k points. Timeframe D1, source: xStation 5
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