*NASDAQ JUMPS 2% AS U.S. STOCKS SURGE ON OPTIMISM ABOUT DEBT CEILING TALKS $DIA $SPY $QQQ $IWM 🇺🇸🇺🇸
The Philadelphia Semiconductor Index jumped 6.3%, bringing its gain in the past two sessions to over 13%. Building on recent euphoria related to AI, Marvell Technology Inc jumped 32% after the chipmaker said it would double its annual revenue related to AI.
"All the signs point to a deal getting done and this rally being sustained, but if we get through the weekend and we don't have a deal or it falls apart in some way, then we're going to wake up Tuesday morning to some pretty material losses," said Scott Ladner, chief investment officer at Horizon Investments in Charlotte, North Carolina.
Of the 11 S&P 500 sector indexes, eight rose, led by information technology, up 2.68%, followed by a 2.38% gain in consumer discretionary.
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