Wall Street, European Shares Rally on Progress in US Debt Ceiling Deal
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Last Updated: May 26, 2023, 23:53 IST New York, United States of America (USA) On Thursday US President Joe Biden expressed confidence about the talks, saying there will be no default and that recent talks had been productive.U.S. President Joe Biden and top congressional Republican Kevin McCarthy appeared to be closing in on an agreement ahead of a June 1 deadline that would raise the government's $31.4 trillion debt ceiling for two years. Treasury yields rose as investors rethought how long interest rates were likely to keep rising Wall Street and European shares rose on Friday as the White House and congressional Republicans worked on the final touches on a U.S. debt ceiling deal. Treasury yields rose as investors rethought how long interest rates were likely to keep rising. [US/] The MSCI world equity index, which tracks shares in 49 nations, gained 1% by 10:38 a.m. EDT (1438 GMT), but was still on track for a weekly loss. The index extended gains after U.S. data sh...