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At 9:50 ET (13:50 GMT), the Dow Jones Industrial Average was up 229 points or 0.7%, while the S&P 500 was up 0.5% and the NASDAQ Composite was up 0.8%.
Lawmakers appear close to announcing a framework for an agreement, though the debt ceiling deadline of early June is still looming as Congress takes a break for the Memorial Day weekend.
Deputy Treasury Secretary Wally Adeyemo said lawmakers are making progress in reaching a deal. Uncertainty has weighed on stocks this week, with the S&P and the Dow on course for their worst week in about two months.
The S&P and the Dow are on course for their worst weekly performance in over two months as debt ceiling talks have been dragging on in Washington even as the June 1 deadline looms large.
The Commerce Department’s personal consumption expenditures price index, thought to be the Federal Reserve’s preferred measure of inflation, rose 0.4% in April, as expected. Excluding volatile food and energy, the core PCE price index, rose 0.4% last month, higher than expectations of 0.3%.
More futures traders are now predicting another quarter of a percentage point interest rate increase by the Federal Reserve when it meets next week. Less than half of traders are predicting a pause.
Shares of Ford Motor Company (NYSE:F) rose 6% after it said its electric vehicle owners would have access to Tesla’s superchargers in North America early next year.
Casual clothing retailer Gap Inc (NYSE:GPS) shares rose 12% after it posted a surprise profit for the first quarter, while shares of Ulta Beauty (NASDAQ:ULTA) shed 9% after it cut its operating margin forecast for the year.
Shares of chip maker Marvell Technology Group Ltd (NASDAQ:MRVL) jumped 24% after it predicted its revenue from artificial intelligence would double.
Oil rose. Crude Oil WTI Futures were up 1.2% to $72.72 a barrel, while Brent Oil Futures were up 0.9% to $76.99 a barrel. Gold Futures rose 0.3% to $1,949.
