wall street stocks closed higher thursday on hopes that the us central bank could pause its interest rate hikes while traders eyed progress on a deal to avert the nations firstever default the dow jones industrial average rose 05 percent to 3306236 while the broadbased sp 500 closed 10 percent higher at 422109 the moves came after the house of representatives late wednesday approved a bill to suspend the nations debt limit  key to avoiding a default  and advanced it to the senate hammered out between us president joe biden and republican leaders the pact suspends the debt ceiling through 2024 and slightly cuts government spending next year on thursday investors also took in economic data suggesting the federal reserve could have room to hold back on further interest rate hikes in policymakers upcoming meeting this month a report by the institute for supply management on the manufacturing sector indicated a fall in prices paid last month providing a boost to a market that wants to hear good news about inflation said steve sosnick of interactive brokers the market is also pricing a much less chance for interest rate hikes at the next two fed meetings following comments from central bank officials he noted bolstering it further while private hiring cooled less than expected in may according to data from payroll firm adp if the market can make the case that we can add jobs and not have inflation then thats a good sign said sosnick among individual companies shares of software firm salesforce closed 47 percent lower while those of artificial intelligence company c3ai slumped 132 percent in a gloomy showing after their earnings reports