Wall Street Indexes Rebound After Senators Back Spending Plan, S&P 500 Trims Weekly Losses

Barry Adams
14 Mar, 2025
New York City

Stocks on Wall Street rebounded in Friday's trading after Democrats signaled support for the federal government spending bill, averting the feared government shutdown. 

The S&P 500 index advanced 1%, and the Nasdaq Composite jumped 1.4%, as investors looked beyond escalating tensions. 

Senator Chuck Schumer, the leader of the Democratic Party in the Senate, said he has lined up enough votes to support the Republican-written spending bill for the next six months. 

Schumer added that power transfer to Donald Trump via a government shutdown is a "far worse option."

If the spending bill passes the Senate, which has already been approved by the members of the House, the federal government will have enough funding available for the next six months. 

On Wall Street, sentiment was cautious after Thursday's sharp decline, and the S&P 500 index erased 10% from the peak it reached in mid-February. 

For the year so far, the S&P 500 is down about 6%, and the tech-heavy Nasdaq Composite has fallen by 9.3% as of the close of Thursday's trading.

 

U.S. Movers 

Ulta Beauty surged 7.5% to $338.17, and the cosmetic retailer reported mixed results in the fiscal fourth quarter.

The specialty retailer held out for higher sales in 2025 but estimated diluted earnings per share to decline.

PagerDuty Inc. soared 14.5% to $17.92, and the cloud computing company announced strong financial results and announced a stock repurchase plan.

Li Auto Inc. gained 0.3% to $28.88, and the U.S.-listed Chinese electric vehicle maker reported a decline in earnings in the fourth quarter, but deliveries rose 20% in the period.

Rubrik Inc. soared 25% to $68.88, and the data security company reported strong financial results, and the company offered a promising outlook.