U.S. stocks climbed on Wednesday on optimism over a potential deal on the $31.4 trillion debt ceiling and as a rebound in regional bank shares eased concerns about an escalation in the sector's troubles.
Top boss Elon Musk played down market rumors that he may step down as CEO of Tesla, touched upon two new mass-market models the company is developing, and reaffirmed that deliveries of its long-delayed Cybertruck pickup would start this year.the electric vehicle maker has proposed setting up a factory in India for domestic sale and export.
Despite the rally, the S&P is near the top of a recent trading range at about 4,160. Analysts said a major catalyst such as a debt ceiling agreement or clarity on the path of interest rate hikes from the Federal Reserve would be needed to push stocks much higher. Recent data has indicated slowing in the U.S. economy following a string of rate hikes by the Federal Reserve to fight high inflation. That slowing along with recent negotiations over the U.S. debt ceiling has focused attention on when the central bank will pause hiking, or cut interest rates.
While the market is currently pricing in a rate cut by the end of the year, recent comments from Fed officials suggested they are not ready to cut rates soon.
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