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Stock market today: Dow ends lower for fourth day on debt ceiling standoff

Published May 24, 2023 04:53PM ET
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Investing.com -- The Dow ended lower Wednesday for a fourth-straight day as lawmakers struggled to find a breakthrough on debt ceiling talks which stoked worries about a potential U.S. default for the first time in more than four decades.

The Dow Jones Industrial Average closed down 0.77% or 255 points, the Nasdaq was down 0.6%, and the S&P 500 was down 0.73%.

House Speaker Kevin McCarthy said he and President Joe Biden remained "far apart" on a number of issues to break the impasse on reaching an agreement to raise the debt ceiling.

McCarthy added, however, that he was hopeful of making progress on talks with Biden during a meeting on Wednesday.

The impasse on a debt ceiling agreement brings the U.S. within days of its first default since 1979.

Treasury Secretary Janet Yellen has previously warned the U.S. could run out of money by June 1.

Worries about a default weighed on investor sentiment and overshadowed further signs that the Fed could pause rate hikes in June.

In discussing the policy outlook, participants generally agreed that in light of the lagged effects of cumulative tightening in monetary policy and the potential effects on the economy of a further tightening in credit conditions, the extent to which additional increases in the target range may be appropriate after this meeting had become less certain, the Fed minutes showed on Wednesday.

Industrials and financials were the biggest drag on the broader market with the latter coming under pressure from renewed selling in regional banks.

Lincoln National Corporation (NYSE:LNC), Citigroup Inc (NYSE:C), and Citizens Financial Group Inc (NYSE:CFG) were the worst performing financial stocks.

Energy, however, bucked the trend lower for the second straight day as oil prices continued to be supported by expectations of an OPEC+ production cut.

Stock market today: Dow ends lower for fourth day on debt ceiling standoff
 

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Comments (19)
Bhaskar Roy
Bhaskar Roy May 24, 2023 8:59PM ET
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Is the failed debt ceiling talks for the fourth day in a row driving the Dollar Index to a higher peak? Trying to cover up the failure or plan to make a fool!
Jason Patcher
Jason Patcher May 24, 2023 8:27PM ET
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the elderly that survived COVID now have republicans after their money - fing sad.
Jason Patcher
Jason Patcher May 24, 2023 8:24PM ET
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what is the Republicans plan? we got women carrying dead babies with afr 15s with no job or food?
rob finch
rob finch May 24, 2023 8:24PM ET
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the Republican plan is to go to work and earn money then provide for their families. sounds crazy right?
Jason Patcher
Jason Patcher May 24, 2023 8:17PM ET
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shut it down I guess - at least everyone has guns ><
rob finch
rob finch May 24, 2023 8:09PM ET
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is it worse if they threaten to shut down the government, or if they threaten to not shut down the government?
Sylvia Doloff
Sylvia Doloff May 24, 2023 7:59PM ET
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bastards
rob finch
rob finch May 24, 2023 6:58PM ET
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if the government stops spending money how will the snail mail bring me campaign brochures? Get back to work you guys I need more pictures of you in my garbage can.
Ahpooki Tai
Ahpooki Tai May 24, 2023 6:49PM ET
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can always just print more money ...
Thomas Ho
ThomasH May 24, 2023 6:49PM ET
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Inflation to the moon
Alan Rice
Alan Rice May 24, 2023 6:16PM ET
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Bravo Trumpublicans !! The USA Financial system will be (finally) destroyed by your own greed. Good riddance !!
SquadW Name
SquadW May 24, 2023 6:16PM ET
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people like you have been saying that for the past 20 years
Michael Byrne
Michael Byrne May 24, 2023 6:07PM ET
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This is the fourth time since 2011. Not the first time in 4 decades.
Andy Brinkhaus
Andy Brinkhaus May 24, 2023 6:07PM ET
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there wasn't a default those times, just threat of default. it's almost as if the minority party wants to cause havoc so they can win the white house... both parties do it btw.
 
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