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  3. US markets end higher on Friday

US markets end higher on Friday

27 May 2023 Evaluate

The US markets ended higher on Friday. Markets benefitted from renewed optimism about raising the U.S. debt ceiling amid private reports lawmakers are closing in on an agreement. Reports suggest lawmakers are inching closer to an agreement that would raise the debt limit for about two years and cap federal spending at the same level as fiscal 2023 for two years. The deal would also include rescinding some of the $80 billion allocated for the IRS by last year's Inflation Reduction Act. On the sectoral front, Technology stocks once again led the rally on Wall Street, with semiconductor stocks showing another substantial move to the upside. Reflecting the strength in the sector, the Philadelphia Semiconductor Index spiked 6.3 percent to its best closing level in well over a year.

Networking, computer hardware and software stocks also saw significant strength on the day, contributing to the surge by the Nasdaq. On the economic data front, consumer sentiment in the U.S. deteriorated less than previously estimates in the month of May, according to revised data released by the University of Michigan. The report said the consumer sentiment index for May was upwardly revised to 59.2 from the preliminary estimate of 57.7. street had expected the index to be unrevised. The consumer sentiment index is still down from 63.5 in April and at its lowest level since hitting 59.7 last December.

Dow Jones Industrial Average rose 328.69 points or 1 percent to 33,093.34, Nasdaq surged 277.59 points or 2.19 percent to 12,975.69 and S&P 500 was up by 54.17 points or 1.3 percent to 4,205.45. 


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