US stocks climb as Wall Street hopes debt ceiling deal is in sight

• US stocks advanced Friday as investors see the potential for a deal that raises the $31 trillion debt ceiling.
• Stocks were on course for a weekly win with the S&P 500 hitting a nine-month high.
• Fed Chairman Jerome Powell will speak at a conference on Friday.

US stocks pushed higher Friday with investors picking up on signals from Washington that Republican lawmakers and President Joe Biden could soon come to an agreement on raising the country's debt ceiling.

Gains on Friday would add to this week's advance that lifted the S&P 500 and the Nasdaq Composite to nine-month highs.

"The Bulls are back in the driver's seat on the heels of investor optimism over a likely debt ceiling resolution and a near-term exodus from the Fed's hawkish interest rate policy," Greg Bassuk, CEO at AXS Investments, wrote in emailed comments to Insider.

Investors will also watch for any more insight into the Fed's thinking on interest rates when Chair Jerome Powell on Friday appears at a conference in Washington along with former Fed Chair Ben Bernanke.

Elsewhere in Washington, negotiators representing President Biden and House Speaker Kevin McCarthy were set to continue talks this weekend over lifting the $31 trillion debt ceiling that's needed to avoid a debt default.

"I see the path that we can come to an agreement. And I think we have a structure now and everybody's working hard," McCarthy told reporters Thursday, according to Politico. He said negotiators may reach a deal in principle as soon as this weekend, Bloomberg reported.

Here's where US indexes stood at the 9:30 a.m. opening bell on Friday:

• S&P 500: 4,207.18, up 0.22%

• Dow Jones Industrial Average: 33,557.44, up 0.06% (21.53 points)

• Nasdaq Composite: 12,712.75, up 0.19%

Here's what else is happening today:

• The S&P 500 will crash 30% by December as spending slumps and banking problems mount, said markets guru Larry McDonald.
• Bank of America warned on mega-cap tech stocks, saying a "big asset bubble" in growth shares is building.
• WeWork short-sellers took in $440 million in profit as shares plunged 96% over the past year.
• "Rich Dad Poor Dad" author Robert Kiyosaki said investors should buy bitcoin and gold as the economy heads toward a crash landing.

In commodities, bonds, and crypto:

• West Texas Intermediate crude rose 1.6% to trade at $73.01 per barrel. Brent crude, the international benchmark, rose 1.4% to $75.69.
• Gold picked up 0.3% to $1,996.65 per ounce.
• The 10-year Treasury yield rose 2 basis points to 3.67%.
• Bitcoin edged up 0.4% to $26,925.60.