Debt ceiling optimism boosts US stocks.

The US stock market rose on Friday as reports emerged that President Joe Biden and Republican leader Kevin McCarthy were close to reaching a deal to raise the country's debt ceiling for two years. The deal may freeze government spending on domestic programs and slightly increase funding for the military and veterans affairs. The Federal Reserve's preferred inflation gauge showed price pressures rose in April, putting a June hike back in play. The stock market is expected to remain headline-driven until the debt ceiling uncertainty passes.