Dow Gains 400 Points

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Stock Market Today: Dow Gains 400 Points With Debt Ceiling in Focus

Regional bank stocks are advancing after a positive update from Western Alliance

Last Updated: 

May. 17, 2023 at 2:18 PM EDT

Stocks are higher in Wednesday afternoon trading after President Biden expressed optimism about debt-ceiling talks, and said he's confident a default will be avoided.

Regional-bank shares are jumping after Western Alliance—a lender investors have worried about—gave a positive update on deposit growth.

Target's stock is also rising after its earnings topped Wall Street expectations, though the retailer said sales growth stalled and squeezed its quarterly profit.

In recent trading:

The three major indexes advanced. The Dow industrials were up 1.3%, or about 430 points. The S&P 500 and the Nasdaq Composite were each up around 1.3%.

Hospitality companies were among the best performers, benefitting from continued post-pandemic consumer demand for travel. Wynn Resorts was up 7.3% and Carnival 7%.

Regional banks climbed. Western Alliance said its deposits grew by more than $2 billion so far this quarter. Its shares gained, along with those of PacWest, Comerica and Zions.

On the housing front: Housing starts for April rose 2.2% on a monthly basis, beating expectations for a decline. But building permits fell 1.5%, versus an expected rise.

Earnings update: Target's results came after Home Depot warned of its first annual sales decline since 2009. Walmart reports tomorrow.

Debt ceiling watch: Biden's upbeat remarks come after Treasury Secretary Janet Yellen said the U.S. could become unable to pay its bills as soon as June 1 if Congress doesn’t raise the federal borrowing limit.

Yields on U.S. government bonds ticked up. The 10-year U.S. Treasury yield was 3.581%, from 3.548% Tuesday.

The WSJ Dollar Index gained 0.3%, on pace to finish higher for the sixth session in the last eight trading days. The index has risen to a roughly two-month high.

Overseas, the Stoxx Europe 600 shed 0.2%. Indexes in China fell, while Japan’s Nikkei 225 gained 0.8% to top 30000 for the first time since 2021.

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