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. The Democratic president and Republican speaker hope to strike a budget compromise this weekend.
On Wall Street, the futures for the Dow Jones Industrial Average and the S&P 500 were down less than 0.1%. The enthusiasm carried over to Asia, where Tokyo's Nikkei 225 gained 0.7% to 31,019.61. In Seoul, the Kospi climbed 0.2% to 2,558.81, helped by a 2.2% rise in the share price for Samsung Electronics, South Korea's biggest company.
Some other Big Tech stocks rallied, adding to recent gains fueled by excitement about AI. The field has become so hot that critics warn of a possible bubble, while supporters say it could be the latest revolution to reshape the global economy. Microsoft gained 3.8%, and Google’s parent company, Alphabet, rose 2.1%.
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