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Stock market today: Asian stocks follow Wall St higher on hopes for U.S. debt deal

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Asian stock markets followed Wall Street higher on Thursday on hopes U.S. political leaders can reach agreement to avoid a potentially disastrous default on government debt.

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Speaker Kevin McCarthy of the House of Representatives said Tuesday the two sides were far apart but could reach a deal by the end of the week. The U.S. government will run out of cash if they don't agree by June 1 to increase its borrowing limit. Stocks of companies that get much of their revenue from the federal government, and thus may have much to lose if it can't pay its bills, rose Wednesday. Military contractor Lockheed Martin climbed 2.1%. Northrop Grumman gained 2.7%.

Investors also worry about the health of global banks following three high-profile failures in the United States and one in Switzerland. Banks have been squeezed by the unexpectedly fast run-up in interest rates, which caused the market prices of bonds on their books to fall.

 

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