How major US stock indexes fared Wednesday 5/17/2023

Wall Street rose along with hopes that the U.S. government can avoid a default on its debt.

The S&P 500 rose 1.2% Wednesday. The Dow added 408 points, also 1.2%.

Much of the gain came after President Joe Biden said he’s confident of reaching a deal with Republicans. Washington faces a June 1 deadline when the U.S. government could run out of cash. Also boosting confidence was Target, which reported stronger profit than expected. That eased worries about the financial strength of U.S. households. Several beaten-down banks also rose to recover some of their big losses from earlier in the year.

On Wednesday:

The S&P 500 rose 48.87 points, or 1.2%, to 4,158.77.

The Dow Jones Industrial Average rose 408.63 points, or 1.2%, to 33,420.77.

The Nasdaq composite rose 157.51 points, or 1.3% to 12,500.57.

The Russell 2000 index of smaller companies rose 38.32 points, or 2.2%, to 1,774.50.

For the week:

The S&P 500 is up 34.69 points, or 0.8%.

The Dow is up 120.15 points, or 0.4%.

The Nasdaq is up 215.82 points, or 1.8%.

The Russell 2000 is up 33.65 points, or 1.9%.

For the year:

The S&P 500 is up 319.27 points, or 8.3%.

The Dow is up 273.52 points, or 0.8%.

The Nasdaq is up 2,034.08 points, or 19.4%.

The Russell 2000 is up 13.25 points, or less than 0.8%.

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