Wall Street's main indexes rose on Friday over progress in negotiations on raising the U.S. debt ceiling, with investors shrugging off data pointing to slightly hotter-than-expected inflation.
were on course for weekly declines, weighed down by prolonged debt ceiling talks in the face of the June 1 deadline. The Dow was set to snap a 5-day losing streak.
"I feel optimistic that the situation will get resolved, as a U.S. default on debt is simply not an option. That said, because a resolution is the consensus view, a default would trigger a very severe market reaction," said Seema Shah, chief global strategist at Principal Asset Management.showed the Commerce Department's personal consumption expenditures price index, considered to be the Federal Reserve's preferred inflation gauge, remained at 0.4% for April.
Excluding the volatile food and energy components, the PCE price index, however, rose 0.4% last month, slightly above expectations of 0.3%. Money market traders now see a near 60% chance of a 25-basis-point hike by the Fed in its June policy meet, up from about 40% before the data.
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