The rally in markets Thursday was driven by bad things that did not happen — or at least appear less likely to happen — rather than good things that did.
First, the possibility of the U.S. defaulting on its debt is the lowest since discussions started in Washington. House Speaker McCarthy's positive comments Thursday boosted optimism that the U.S. will reach a deal on the ceiling before June 1, when the country might become unable to pay its debts.
Next, the Supreme Court decided not to remove the legal shield that protects tech companies from being prosecuted over their users' posts. Firms most affected by the ruling rose in relief: Alphabet, which owns YouTube, added 1.65%, and Meta, the parent company of Facebook, rose 1.8% to a 52-week high .
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