the nasdaq composite ended at its highest level in nine months while the sp carved out its secondhighest level of 2023 on monday as investors awaited government debtceiling talks set to begin after the markets closeread4 reasons the stock market keeps climbing in 2023 as sp 500 attempts another push above 4200 stocks ended fridays session with solid weekly gains as the dow gained 04 the sp 500 rose 17 and the nasdaq composite logged a 3 advance president joe biden and house speaker kevin mccarthy rcalif were scheduled to meet at 530 pm eastern time on monday at the white house the treasury department has warned that a failure to raise the debt limit could result in a federal default as early as june 1 or whats known as the socalled xdate seedebtceiling talks as biden and mccarthy plan to meet today analysts say deal is needed by friday the debt ceiling is at the forefront of the markets thinking given the proximity to the x date said jack mcintyre a portfolio manager at brandywine global investment management in philadelphia which oversaw 55 billion as of march 31 there are probably things that are nonnegotiable and negotiable in the negotiations and knowing how most of these things go it will probably be the last second or minute that they reach a compromise because no one wants to be perceived as caving in via phone mcintyre said that were going to get some volatility around it before we reach some conclusion and treasurys look more attractive than equities right now some investors remain wary about the techdriven nature of the rally even while bulls welcome the sp 500s temporary move above 4200  a level which it broke through on monday but failed to hold through the end of trading read megacap tech stocks out of control big tech still has the power to extend the rally and weather an economic storm analysts say to not have a broad group of stocks participating in a rally is a bad sign for the duration of a bull market said phil toews chief executive of toews corp in new york which manages 12 million in assets in addition we think that this sanguine attitude by investors about the debtceiling issue is a potential big mistake toews said via phone the us doesnt have to default to create market chaos with potentially nine days left before the xdate we think the market is underreacting people should watch the negotiations very carefully right now there were no major us economic releases on monday but federal reserve officials provided fresh remarks in a cnbc interview minneapolis fed president neel kashkari said that right now its a close call between raising in june or skipping important to me is not signaling that were done if we were to skip in june that does not mean that we are done with our tightening cycle said kashkari a voting member this year of the ratesetting federal open market committee meanwhile st louis fed president james bullard said on monday that he would like to see two more quarterofapercentagepoint interestrate hikes this year this content was created by marketwatch which is operated by dow jones  co marketwatch is published independently from dow jones newswires and the wall street journal