NEW YORK (AP) — Wall Street rose along with hopes that the U.S. government can avoid a default on its debt. The S&P 500 rose 1.2% Wednesday. The Dow added 408 points, also 1.2%. Much of the gain came after President Joe Biden said he’s confident of reaching a deal with Republicans. Washington faces a June 1 deadline when the U.S. government could run out of cash. Also boosting confidence was Target, which reported stronger profit than expected. That eased worries about the financial strength of U.S. households. Several beaten-down banks also rose to recover some of their big losses from earlier in the year.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
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