U.S. stocks ended sharply higher Wednesday, as investors appeared encouraged by President Joe Biden’s remarks concerning the debt-ceiling debate. The Dow Jones Industrial Average DJIA, +1.24% closed around 400 points, or 1.2%, higher, while the S&P 500 SPX, +1.19% climbed 1.2% and the technology-heavy Nasdaq Composite COMP, +1.
28% gained 1.3%, according to preliminary data from FactSet. “I’m confident that we’ll get the agreement on the budget, and America will not default,” Biden said Wednesday during a brief speech at the White House. Treasury Secretary Janet Yellen has warned the U.S. could run out of cash as soon as June 1 if Congress fails to raise the debt ceiling.
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