U.S Stock Markets Open Higher With Major Indexes Pointing To Their First Weekly Gain In Three Weeks

U.S. stocks opened on a positive note on Friday, with all three major indices poised to record weekly gains. Investors are eagerly awaiting remarks from Federal Reserve Chairman Jerome Powell while remaining optimistic about a potential debt-ceiling agreement in Congress.

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Here's a snapshot of the current market situation:

• The Dow Jones Industrial Average increased by 49 points, or 0.1%, reaching 33,585.
• The S&P 500 rose by 12.7 points, or 0.2%, to 4,210.
• The Nasdaq Composite climbed 24 points, or 0.1%, to 12,712.

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On Thursday, the Dow Jones Industrial Average gained 115 points, or 0.34%, closing at 33,536. The S&P 500 surged by 39 points, or 0.94%, reaching 4,198, and the Nasdaq Composite rose by 188 points, or 1.51%, closing at 12,689.

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The S&P 500 has reached its highest level since August, and the index is on track to record its first weekly gain after two consecutive weeks of losses.

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Positive corporate earnings, encouraging economic data, and the possibility of a debt-ceiling resolution next week are driving market sentiment higher. Art Hogan, the chief market strategist at B. Riley Wealth, believes that the positive momentum from this week's constructive market activity is carrying over into Friday.

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Investors who had previously bet against stocks are now rushing to buy them as the U.S. economy continues to show signs of growth. Additionally, there are hopeful indications emerging from negotiations to raise the U.S. government's debt ceiling.

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At 11 a.m. Eastern time, Federal Reserve Chair Jerome Powell is scheduled to speak, engaging in a conversation with former Fed Chair Ben Bernanke. Powell's remarks come after recent comments from other central bank officials, including Dallas Fed President Lorie Logan, who have expressed readiness to consider raising interest rates next month.

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Friday also marks the monthly expiration of stock options contracts.

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However, U.S.-listed Chinese stocks have not fared as well, with the KraneShares CSI China Internet ETF experiencing a 4% decline on Thursday and an 11% drop this year. The Hang Seng index also closed 1.4% lower on Friday.

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