Wall Street Rallies on Optimism for Debt Ceiling Deal and Tech Hype

Wall Street surged on Friday as progress was made in negotiations to raise the US debt ceiling, with the Dow Jones Industrial Average set to end a five-day losing streak and the Nasdaq Composite Index jumping to its highest level since August 2022. Chip stocks also surged for a second straight day on optimism about artificial intelligence, with the Philadelphia Semiconductor Index rising 5.3% and Marvell Technology Inc jumping 29% after the chipmaker said it would double its annual revenue related to AI. Investors were closely watching debt ceiling talks as Biden and McCarthy still seemed at odds over several issues heading into the long weekend.