By Joe Wallace and Charley Grant
Stocks are moving higher to end the week as a potential debt-ceiling deal starts to take shape, although nothing has been finalized.
In economic data, the Federal Reserve's preferred inflation gauge, the core personal-consumption expenditures price index, rose 0.4% in April from March, while consumer spending climbed 0.8%.
In recent trading:
All three major indexes were up at least 1%. The Dow Jones Industrial Average was set to end the week lower. The Nasdaq Composite was on track for a fifth straight week of gains.
Bond yields rose. The yield on 10-year notes was recently 3.832%, from 3.814% late Thursday, while the two-year yield also rose. The dollar edged higher.
Nvidia shares rose about 2% after Thursday's enormous rally. Meanwhile, Marvell Technology's stock was flying higher.
All but two of the S&P 500's 11 sectors were higher. Utilities and energy sold off, while consumer discretionary stocks were up nearly 3%.
Amazon.com, Tesla, and Micron Technology were among the S&P 500's top performers, while Ulta Beauty's stock was by far the biggest laggard. Ford's stock rose on Tesla partnership news.
Write to Joe Wallace at joe.wallace@wsj.com and Charley Grant at charles.grant@wsj.com
(END) Dow Jones Newswires
05-26-23 1217ET
