US Market news today (18/05/2023)

US Market news today – Today, the US market saw a positive move as the DOW and Nasdaq surged 408 and 157 points. This move resulted from a hope that US President Joe Biden could deal with the debt ceiling and avoid a default.

Let us take a look at the significant indices’ performance

DOW – The Dow closed at 408.63 points higher, or 1.24%, to 33,420.77 today.

Nasdaq – The Nasdaq also closed with a positive move with 157 points

About the Debt Ceiling issue

Speaker McCarthy said that ‘It is possible to get a deal by the end of the week’. The US Treasury has said that if a deal was not set by June 1, 2023, the treasury could begin to run out of funds for paying the government bills and this issue could lead to a recession