Dow jumps more than 300 points as Biden, McCarthy appear set to reach a deal to raise the US debt limit

• US stocks jumped Friday on reports the White House and Republican leadership are nearing a deal to raise the debt ceiling. 
• A potential deal could raise the $31 trillion debt limit for two years. 
• The Fed’s preferred inflation gauge showed price pressures rose in April. 

US stocks jumped Friday on reports that negotiators representing President Joe Biden and Republican leader Kevin McCarthy are nearing a deal to raise the country’s debt ceiling, a crucial step in avoiding a US debt default. 

Tech stocks surged, leading the Nasdaq Composite sharply higher, and the Dow Jones Industrial Average scored its first win after falling over the past five sessions.