Stocks notched a new high water mark for the year on Thursday.
Why it matters: The market's pep suggests investors think progress is being made on negotiations to raise the debt ceiling.
Driving the news: The S&P 500 closed Thursday up 9.3% in 2023.
- The benchmark index is up 7% over the past 12 months.
Yes, but: We're still 12.5% below the all-time high hit on Jan. 3, 2022.