Stocks jumped Friday as traders grew hopeful that lawmakers will reach a deal to raise the U.S. debt ceiling, avoiding a potentially catastrophic default. The S&P 500 gained 1.3% to close at 4,205.45, and the Nasdaq Composite advanced 2.2% to 12,975.69. The S&P 500 tech and consumer discretionary sectors popped more than 2% each. The Nasdaq notched its fifth straight weekly gain, rising 2.5%. The S&P 500 also posted a one-week advanced, advancing 0.3%.

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