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Market Snapshot: U.S. stocks on track for weekly gains as debt-ceiling hopes boost markets

U.S. stocks traded higher Friday, with all three major benchmarks heading for weekly gains, as investors await remarks from Federal Reserve Chairman Jerome Powell while hopes remain high for a debt-ceiling deal in Congress.

What’s happening

  • The Dow Jones Industrial Average DJIA, -0.35% rose 108 points, or 0.3%, at 33,645.
  • The S&P 500 SPX, -0.23% gained 13 points, or 0.%, to trade at 4,211.
  • The Nasdaq Composite COMP, -0.29% was up 6 points or 0.1%, at 12,696.

The S&P 500 and Nasdaq ended at nearly nine-month highs on Thursday and all three major indexes are on track for weekly gains.

What’s driving markets

Better-than-expected corporate earnings and economic data, along with hopes for a debt ceiling deal as soon as next week, are helping to push markets higher, said Art Hogan, chief market strategist at B.Riley Wealth.

“The momentum from this week’s constructive action seems to be carrying into Friday,” Hogan said during a phone interview.

Investors who had been betting against stocks appear to be scrambling to buy them as the U.S. economy shows signs of continuing to grow, while mostly hopeful signs have emerged from negotiations to lift the U.S. government’s debt ceiling.

Federal Reserve Chair Jerome Powell was due to step up to the microphone at 11 a.m. Eastern — in a conversation with former Fed Chair Ben Bernanke — following recent commentary from central bank officials including Dallas Fed President Lorie Logan who seem ready to at least consider raising interest rates next month.

Friday also will see the monthly expiration of stock options contracts.

One segment missing out has been U.S.-listed Chinese stocks, as the KraneShares CSI China Internet ETF KWEB, -1.17% ended 4% lower on Thursday and has dropped 11% this year. The Hang Seng HSI, -1.40% closed 1.4% lower on Friday.

Companies in focus

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