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Stocks close higher Wednesday, Dow surges 400 points as traders grow optimistic on a debt ceiling deal: Live updates

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Stocks rose Wednesday as investors hoped congressional leaders and the president could come to a deal on the U.S. debt ceiling and avoid a catastrophic default. The Dow popped 1.24%. The S&P 500 rose 1.19%. The Nasdaq gained 1.28%.

House Speaker Kevin McCarthy expressed optimism Wednesday that even though negotiations on the debt ceiling face obstacles,"I think at the end of the day we do not have a debt default," he said on CNBC's "Squawk Box." "I think we finally got the president to agree to negotiate."

"The comes a moment in time when you hit the wall," McCarthy said. "You can't continue down this trajectory if you want to continue to be the strongest nation in the world."April housing starts came in line with expectations, at 1.4 million. That's in line with the 1.4 million expected by analysts polled by Dow Jones.A look under the hood in stocks continues to build on the bear case, according to Wolfe Research.

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