(Image by Sergei Tokmakov, Esq. from Pixabay)
(CNBC) -- Stocks rose Wednesday as investors hoped congressional leaders and President Joe Biden could come to a deal on the U.S. debt ceiling and avoid a catastrophic default.
The Dow Jones Industrial Average traded 409 points higher, or 1.24%.The S&P 500 gained 1.19%, and the Nasdaq Composite advanced 1.28%.
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At the conclusion of a meeting between the president and congressional leaders Tuesday, House Speaker Kevin McCarthy said that a “better process” is now in place for further talks, saying it’s “possible to get a deal by the end of the week.” The White House said that Biden canceled a second leg of an upcoming international trip to focus on the negotiations.
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