shriram Logo




Wall Street end sharply higher
May 27 2023 3:01PM
US stocks finished sharply higher on Friday as talks on raising the U.S. debt ceiling progressed, while chip stocks surged for a second straight day on optimism about artificial intelligence.

After several rounds of talks, U.S. President Joe Biden and top congressional Republican Kevin McCarthy appeared to be nearing a deal to increase the government's $31.4 trillion debt limit for two years, while capping spending on most items, a U.S. official told Reuters.

The Dow Jones Industrial Average ended a five-day losing streak, while the Nasdaq Composite Index and S&P 500 closed at their highest levels since August 2022, with the S&P 500 above 4,200 points.

The Philadelphia Semiconductor Index jumped 6.3%, bringing its gain in the past two sessions to over 13%. Building on recent euphoria related to AI, Marvell Technology Inc jumped 32% after the chipmaker said it would double its annual revenue related to AI.

Investors were closely watching debt ceiling talks as Biden and McCarthy still seemed at odds over several issues heading into the long weekend, with the U.S. stock market closed on Monday for the Memorial Day holiday.