NEW YORK: Chip company Nvidia exceeded $1 trillion in market value Tuesday as Wall Street stocks mostly rose, following an agreement between President Joe Biden and Republican House Speaker Kevin McCarthy to avoid a US debt default.

All three major indices were in positive territory, while Nvidia jumped more than seven percent on bullish sentiment over its role in artificial intelligence breakthrough technology.

About 20 minutes into trading, the Dow Jones Industrial Average was down 0.2 percent at 33,021.07. The broad-based S&P 500 climbed 0.4 percent to 4,223.64, while the tech-rich Nasdaq Composite Index gained 1.1 percent to 13,116.93.

The weekend deal, reached after weeks of frantic negotiations, faces opposition from the progressive and hard-right wings of Biden and McCarthy’s respective parties.