The S&P 500 and NASDAQ Composite advanced on Thursday as Wall Street traders focused on debt ceiling negotiations and the latest commentary from Federal Reserve speakers.
The Dow Jones Industrials slid 27.29 points to begin Thursday at 33,393.48.
The S&P 500 moved forward 10.66 points to 4,169.43.
The NASDAQ acquired 86.12 points to 12,586.69.
Retail giant Walmart helped buoy the market, adding more than 2% on the back of its strong financial report. The company beat Wall Street forecasts on both earnings per share and revenue in its first quarter and raised its expectations for full-year performance.
But sentiment was kept in check as the latest economic data hinted at a resilient economy and as Dallas Fed President Lorie Logan said the latest data doesn't argue for a pause in rate hikes yet when the Fed next decides rate policy on June 14.
House Speaker Kevin McCarthy told the media on Wednesday that he does not believe the U.S. will default on its debt. President Joe Biden also stated in later remarks that he was confident lawmakers would come together to reach a deal and avoid a default. The president is cutting short a trip to Asia and will return on Sunday, giving traders hope a deal could be done by then.
Prices for the 10-year Treasury crumbled, raising yields to 3.64% from Wednesday's 3.58%. Treasury prices and yields move in opposite directions.
Oil prices subtracted 55 cents to $72.34 U.S. a barrel.
Gold prices lost $20.90 to $1,964.00 U.S. an ounce.