Traders work on the floor of the New York Stock Exchange during morning trading on May 17, 2023 in New York City.
Michael M. Santiago | Getty Images
The S&P 500 rose on Friday as Wall Street continued to monitor the debt ceiling situation, and traders looked to end a solid week of trading.
The broader market index traded 0.2% higher along with the Nasdaq Composite. The Dow Jones Industrial Average rose 22 points, or 0.1%.
Foot shackle fell 25% after missing first-quarter expectations on the top and bottom lines. Meanwhile, Deere rose 4% after beating expectations for the second quarter.
The major averages are headed for weekly gains. The S&P 500 is up 2% for the week so far. That would be its biggest advance in a week since March. The Nasdaq Composite, meanwhile, has risen 3.5% for the week. It would also be its best weekly performance since March. The Dow is up 0.8%.
Some of those gains came on Thursday, when traders bet a US debt ceiling deal could be reached. Comments from Speaker of the House Kevin McCarthy on Thursday seemed propose a potential deal may arrive as soon as next week.
“There is some uncertainty about when the government will not be able to meet its commitments in terms of running out of money, so that creates some uncertainty,” said Yung-Yu Ma, investment strategist at BMO Wealth Management. “And so, it’s still a risky environment, but one that we think ultimately will see an outcome that’s not too damaging to the markets — at least in the long term.”
Elsewhere, New York Federal Reserve President John Williams said on Friday the “era of very low” interest rates has not ended, even with attempts to reduce inflation.
— CNBC’s Jeff Cox contributed to this report.
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