Dow climbs around 400 points, U.S. stocks end higher after President Biden’s remarks on debt-ceiling debate

U.S. stocks ended sharply higher Wednesday, as investors appeared encouraged by President Joe Biden’s remarks concerning the debt-ceiling debate. The Dow Jones Industrial Average
DJIA,
+1.24%
closed around 400 points, or 1.2%, higher, while the S&P 500
SPX,
+1.19%
climbed 1.2% and the technology-heavy Nasdaq Composite
COMP,
+1.28%
gained 1.3%, according to preliminary data from FactSet. “I’m confident that we’ll get the agreement on the budget, and America will not default,” Biden said Wednesday during a brief speech at the White House. Treasury Secretary Janet Yellen has warned the U.S. could run out of cash as soon as June 1 if Congress fails to raise the debt ceiling.