At midday, the major indices are rocking on hopes for a debt ceiling deal, as well as better economic data. Only 3 sectors are in the red. The best performing sectors are Consumer Discretionary and Technology, which are being bolstered by mega cap stocks.

Market breadth is decidedly bullish with advancers leading decliners by an almost 3-to-1 margin at the NYSE and NASDAQ.

As for the debt talks, they appear to be nearing the end amid reports that a potential deal would increase the debt ceiling and cap federal spending on most items for two years.

Inflation figures are reinforcing the view that pricing pressures continue, and spending is healthy. Next week’s jobs report looks like the last hope for the Fed pausing its tightening cycle next month.

Have a great Memorial Day weekend.