U.S. Stocks Grow In Optimism In The Debt Ceiling As Washington Has Yet To Make A Deal

Traders work on the floor of the New York Stock Exchange during morning trading on May 17, 2023, in New York City. The stock market opened up slightly high after dropping over 300 points at closing on Tuesday as congressional leaders and President Joe Biden work to finalize a deal on the U.S. debt ceiling in order to avoid a default. MICHAEL M. SANTIAGO/BENZINGA

The US stock market climbed on Wednesday, after a productive meeting between President Joe Biden and other key congressional leaders a day earlier over raising the debt limit, with the president asserting that the U.S. will never default on its debt.

Cyclical sectors such as financials and energy outperformed, the dollar strengthened, and Treasury yields rose across all maturities.