U.S. stocks surged on Wednesday, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all closing higher. Investors were encouraged by President Joe Biden’s remarks concerning the debt-ceiling debate. Biden said he was confident that an agreement on the budget would be reached and the U.S. would not default. Treasury Secretary Janet Yellen had warned that the U.S. could run out of cash as soon as June 1 if Congress failed to raise the debt ceiling. The DJIA closed around 400 points, or 1.2%, higher, while the S&P 500 climbed 1.2% and the Nasdaq Composite gained 1.3%. The positive sentiment in the markets was a welcome sign for investors, who are hoping for a resolution to the debt-ceiling debate.
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