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US equities rallied late Wednesday, pushing the Nasdaq Composite index to its highest close in nearly nine months, thanks to easing concerns over the stability of regional banks and growing optimism about a potential debt ceiling deal. President Joe Biden told journalists Wednesday he’s confident the US won’t default on its debt. Earlier in the day, House Speaker Kevin McCarthy expressed similar sentiments, after saying Tuesday a debt ceiling deal may be possible “by the end of the week.” These reassurances seemed to bolster the market, helping it shake off early losses triggered by a somber earnings update from Target Corp. At the same time, regional bank shares surged after Western Alliance Bancorporation reported recent growth in deposits. In Europe, equity markets ended mixed as investors maintained a cautious approach.
Summary for 17.05.2023
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