Dow Adds 408 Points on Hopes of Debt Ceiling Deal

The S&P 500 and Nasdaq settled firmly higher as well

Digital Content Manager

May 17, 2023 at 4:28 PM

Stocks rallied on Wednesday, as House Speaker Kevin McCarthy and President Joe Biden seemed to make progress on U.S. debt ceiling talks, with McCarthy noting a deal could happen by the end of the week. Also boosting investor sentiment was a rebound in bank stocks. The Dow rose 408 points, with both the S&P 500 and Nasdaq settling firmly higher as well. Meanwhile, the Cboe Volatility Index (VIX) snapped a three-day win streak.

Continue reading for more on today's market, including:

Manchester United draws improved buyout offer.
Bulls doubled their money with this beverage stock.
Plus, how Wix.com stock fared post-earnings; behind this EV stock's dip; and what boosted AI.

Closing Index Summary May 172023

NYSE and Nasdaq Stats May 172023

Things to Know Today

Pfizer (PFE) will raise $31 billion in a debt offering to fund its Seagen (SGEN) buyout, per a new filing with the Securities and Exchange Commission (SEC). (CNBC)
The United Nations weather organization said there's an over 60% chance Earth temperatures will hit a key climate marker in the next five years. (MarketWatch)
Wix.com stock brushed off two price-target hikes today.
Electric vehicle name reveals $125 million public offering.
C3.ai stock surged on upbeat preliminary quarterly results.

Earnings May 172023

Unusual Options Activity May 172023

Gold, Oil Settle on Opposite Sides

Oil prices finished higher on Wednesday, as investors turned optimistic about energy demand and the overall economic backdrop amid progress on U.S. debt ceiling talks. June-dated crude added $1.97, or 2.8%, to close at $72.83 per barrel.

Meanwhile, gold prices settled at a seven-week low as the U.S. dollar strengthened and traders eyed interest rates. June-dated gold fell $8.10, or 0.4%, to close at $1,984.90 an ounce.

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