NEW YORK—Wall Street rallied Wednesday on hopes the U.S. government can avoid a potentially disastrous default on its debt.
The S&P 500 climbed 1.2 percent, with much of the gain coming after President Joe Biden said he’s confident “America will not default.” The Dow Jones Industrial Average rose 408 points, or 1.2 percent, while the Nasdaq composite gained 1.3 percent.
