Officials said President Joe Biden and House Speaker Kevin McCarthy were narrowing in on a two-year budget deal that could unlock a vote for lifting the nation’s debt ceiling. TheA two-year deal would raise the debt limit for that time, past the 2024 presidential election. As their price for raising the legal debt limit, Republicans have been demanding spending cuts the Democrats oppose.
Stocks of other chip makers also charged higher after Nvidia described a race by its customers to put AI “into every product, service and business process.” Advanced Micro Devices gained 11.2%. Because it’s one of Wall Street’s most valuable stocks, Nvidia’s 24.4% surge on Thursday was the strongest force pushing upward on the S&P 500. Its forecast of roughly $11 billion in revenue for the current quarter blew past analysts’ expectations for less than $7.2 billion. Nvidia’s stock has already more than doubled this year, and its total value is approaching $1 trillion.
The majority of stocks fell on worries that Washington could run out of cash to pay its bills as soon as June 1, unless Congress allows it to borrow more.
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