Growing debt ceiling deal hopes send stocks higher

The debt ceiling has drawn attention away from uncertainty about the Federal Reserve's stance on interest rates.for jobless benefits fell more than expected last week, suggesting the labor market remains tight, giving the Fed more cushion to continue raising rates.Recent data has indicated some slowing in the U.S. economy following a string of Fed rate hikes to fight high inflation.

the economy does not appear to be softening fast enough for the central bank to pause its rate hike cycle. "If we get a debt ceiling agreement at the end of the week here and remove that macro issue, you still have the Fed meeting in June, now that is probably a live meeting based on what some of the policymakers have been saying this week, so that could be a concern, it could kind of cap some of the momentum in the market," said Saglimbene.

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