As the trading week began, Wall Street investors focused on the US debt ceiling. US President Joe Biden said Tuesday he would talk to congressional leaders about a Democratic-backed hike.
Biden said on Sunday that he was optimistic about reaching a deal. But Republican Speaker of the US House of Representatives Kevin McCarthy is less hopeful.
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“We’re not even close to a deal,” McCarthy said on Monday, adding that talks with Democrats “aren’t productive at all.” If the debt ceiling is not raised, the US will soon be unable to make certain payments, which could lead to major financial turmoil around the world. According to World Bank CEO David Malpass, the risk of insolvency by the US government is already adding further economic uncertainty to the world.
Investors seemed reluctant to react, awaiting further developments. The Dow Jones index closed up 0.1% to 33,348.6 points, the broad S&P 500 index rose 0.3% to 4136.28 points. The Nasdaq technology indicator showed a relatively large increase, up 0.7% to 12,365.21 points.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
