# Wall Street gains, dollar climbs on solid data, debt ceiling progress Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-05-18 Category: TRADING Category URL: https://financedigest.com/category/trading Meta Title: Wall Street Gains and Dollar Climbs on Solid Data Meta Description: Wall Street turns higher as discount retail giant Walmart raises sales outlook and signs of progress in debt ceiling talks emerge. Dollar reaches seven-week URL: https://financedigest.com/wall-street-gains-dollar-climbs-on-solid-data-debt-ceiling-progresshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-05-18t120953z1lynxmpej4h0gtrtroptp4usa-stocks-1736813996608-compressed.jpg) # Wall Street gains, dollar climbs on solid data, debt ceiling progress By Stephen Culp NEW YORK (Reuters) -Wall Street turned higher and the dollar reached a seven-week peak on Thursday as discount retail giant Walmart Inc raised its sales outlook and strong economic data calmed recession fears. Investors also appeared to take heart from signs that partisan negotiators in Washington seem to be inching closer to a debt ceiling deal. The three major U.S. [stock indexes initially wavered but soon gathered](https://www.financedigest.com/stocks-buoyant-while-darker-forecasts-gather-on-the-horizon.html "Stocks buoyant while darker forecasts gather on the horizon") strength, with tech shares putting the Nasdaq out front. Walmart [reported better-than-expected quarterly results and hiked its full-year sales forecasts](https://www.financedigest.com/sales-forecast-of-mental-fitness-apps-market-analysis-and-forecast-report-till-2031.html "Sales Forecast of Mental Fitness Apps Market , Analysis, and Forecast Report till 2031"), citing resilient consumer spending and countering this week’s downbeat forecasts from Home Depot Inc and Target Corp. Optimism about [debt ceiling](https://www.financedigest.com/european-shares-weighed-by-us-debt-ceiling-concerns-slide-in-financials.html "European shares weighed by US debt ceiling concerns, slide in financials") talks grew, with hopes for a deal that avoids a catastrophic default. The borrowing limit debate is “Kabuki theater – we’ve seen this story before many times,” said Charles Carlson, [chief executive officer](https://www.financedigest.com/impact-com-appoints-mike-head-as-cro-and-jenna-mills-as-director-public-relations-promotes-cristy-ebert-garcia-to-chief-marketing-officer.html "impact.com appoints Mike Head as CRO and Jenna Mills as Director, Public Relations, promotes Cristy Ebert Garcia to Chief Marketing Officer") at Horizon Investment Services in Hammond, Indiana. “Something will get resolved and that may involve kicking the can down the road. It might have a short-term [impact on the markets](https://www.financedigest.com/railway-bearing-market-size-2021-key-manufacturers-industry-share-investment-opportunities-future-trends-market-impact-revenue-demand-and-analysis-by-forecast-2030.html "Railway Bearing Market Size 2021 Key Manufacturers, Industry Share, Investment Opportunities, Future Trends, Market Impact, Revenue, Demand and Analysis by Forecast 2030") but if you’re a long-term investor it doesn’t make any sense to base decisions on debt ceiling negotiations. Data showed fewer-than-expected Americans filed initial jobless claims last week, supporting the likelihood of a [“soft landing”](https://www.financedigest.com/feds-job-friendly-soft-landing-hinges-on-history-not-repeating.html "Fed’s job-friendly ‘soft landing’ hinges on history not repeating") but also lowering odds that the Federal Reserve will cut interest rates before year-end. Walmart numbers were good, and unemployment claims are indicating that the economy is a bit stronger, and the narrative that the Fed is going to be [cutting rates](https://www.financedigest.com/czech-central-bank-vice-gov-unlikely-to-vote-for-rate-cut-newspaper.html "Czech central bank vice-gov unlikely to vote for rate cut -newspaper") by the end of the year, for today, doesn’t seem as likely,” Carlson added. The Dow Jones [Industrial Average](https://www.financedigest.com/average-annual-uk-grocery-bill-highest-since-at-least-2008-industry-data.html "Average annual UK grocery bill highest since at least 2008 -industry data") rose 25.24 points, or 0.08%, to 33,446.01; the S&P 500 gained 17.83 points, or 0.43%, at 4,176.6; and the Nasdaq Composite added 101.48 points, or 0.81%, at 12,602.04. European [stocks](https://www.financedigest.com/mutual-funds-vs-stocks-which-is-better.html "stocks") rebounded and the German DAX rose to its highest level since January 2022 on optimism about U.S. [debt ceiling talks](https://www.financedigest.com/asian-shares-tentative-us-debt-ceiling-talks-weigh-on-risk-appetite.html "Asian shares tentative, US debt ceiling talks weigh on risk appetite"). The pan-European STOXX 600 index rose 0.36% and MSCI’s gauge of [stocks across the globe gained](https://www.financedigest.com/stocks-dollar-gain-on-resilient-u-s-economy.html "Stocks, dollar gain on resilient U.S. economy") 0.29%. Emerging [market stocks](https://www.financedigest.com/online-trading-and-stock-markets.html "Online Trading and Stock Markets") rose 0.14%. MSCI’s broadest index of Asia-Pacific [shares outside Japan closed 0.28% higher](https://www.financedigest.com/flutters-full-year-earnings-turnaround-forecast-sends-shares-higher.html "Flutter’s full-year earnings turnaround forecast sends shares higher"), while Japan’s Nikkei rose 1.60%. The greenback extended its ascent against a basket of world currencies, reaching a seven-week high, powered by solid economic data and [debt ceiling hopes](https://www.financedigest.com/world-stocks-climb-on-hopes-of-successful-debt-ceiling-outcome.html "World stocks climb on hopes of successful debt ceiling outcome"). The [dollar index](https://www.financedigest.com/dollar-index-jumps-after-u-s-retail-sales-show-surprise-rebound.html "Dollar index jumps after U.S. retail sales show surprise rebound") rose 0.62%, with the euro down 0.68% at $1.0765. The Japanese yen weakened 0.65% [versus the greenback to 138.60 per dollar](https://www.financedigest.com/russian-rouble-nears-4-week-high-versus-dollar.html "Russian rouble nears 4-week high versus dollar"), while Sterling was last trading at $1.2407, down 0.63% on the day. The 10-year [Treasury yield](https://www.financedigest.com/world-equities-fall-u-s-treasury-yields-rise-after-hawkish-fed.html "World equities fall, U.S. Treasury yields rise after hawkish Fed") continued its ascent, to the highest level since March, following solid economic data and hopes for a debt limit resolution. Benchmark 10-year notes last fell 14/32 in price to yield 3.6343%, versus 3.581% late on Wednesday. The 30-year [bond last fell 15/32 in price to yield](https://www.financedigest.com/german-bond-yields-give-up-rise-after-u-s-price-data.html "German bond yields give up rise after U.S. price data") 3.9059%, versus 3.878% late on Wednesday. Crude prices [pulled back](https://www.financedigest.com/generali-pulls-back-from-russia-intesa-reviews-business.html "Generali pulls back from Russia, Intesa reviews business") from Wednesday’s surge. U.S. crude fell 0.77% to $72.27 per barrel and Brent was last at $76.25, down 0.92% on the day. Gold moved in opposition to the dollar, the precious metal losing some luster as debt ceiling talks wore on and hopes faded for a [Fed rate](https://www.financedigest.com/dollar-slips-before-expected-fed-rate-hike.html "Dollar slips before expected Fed rate hike") cut before year-end. Spot [gold dropped 1.3%](https://www.financedigest.com/russian-gold-miner-polymetals-q3-revenue-down-13-y-y.html "Russian gold miner Polymetal’s Q3 revenue down 13% y/y") to $1,955.09 an ounce. (Reporting by Stephen Culp; Additional reporting by Elizabeth Howcroft and Kevin Buckland in London; Editing by Richard Chang) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---