Wall St ends down as debt-ceiling clouds hover
- White House, Republicans resume US debt ceiling talks
- Stocks hold declines after release of Fed minutes
- $Citigroup(C.US$ drops after scrapping Mexico unit sale
- Indexes down: $Dow Jones Industrial Average(.DJI.US$ 0.77%, $S&P 500 Index(.SPX.US$ 0.73%, $Nasdaq Composite Index(.IXIC.US$ 0.61%
- Stocks hold declines after release of Fed minutes
- $Citigroup(C.US$ drops after scrapping Mexico unit sale
- Indexes down: $Dow Jones Industrial Average(.DJI.US$ 0.77%, $S&P 500 Index(.SPX.US$ 0.73%, $Nasdaq Composite Index(.IXIC.US$ 0.61%
The lack of progress on raising the U.S. government's $31.4 trillion debt limit ahead of a June 1 deadline, with several rounds of inconclusive talks, has made investors edgier as the risk of a catastrophic default looms larger.
Wall Street's main indexes ended lower on Wednesday as talks between the White House and Republican representatives on raising the U.S. debt ceiling dragged on without a deal.
The Dow Jones Industrial Average ( $Dow Jones Industrial Average(.DJI.US$ ) fell 255.59 points, or 0.77%, to 32,799.92, the S&P 500 ( $S&P 500 Index(.SPX.US$ ) lost 30.34 points, or 0.73%, to 4,115.24 and the Nasdaq Composite ( $Nasdaq Composite Index(.IXIC.US$ ) dropped 76.08 points, or 0.61%, to 12,484.16.
Ten of the 11 S&P 500 sectors ended in negative territory, with real estate falling the most. Energy was the lone sector gainer.
The CBOE Volatility Index ( $CBOE Volatility S&P 500 Index(.VIX.US$ ), known as Wall Street's fear gauge, hovered around three-week highs.
Federal Reserve policy was also in focus. Stocks held their declines after the release of minutes from the Fed's May 2-3 meeting, showing that Fed officials "generally agreed" last month that the need for further interest rate increases "had become less certain."
Investors expect the central bank to pause its aggressive rate hiking campaign at its June 13-14 meeting.
Fed Governor Christopher Waller said he is concerned about the lack of progress on inflation, and while skipping an interest rate hike at the central bank's meeting next month may be possible, an end to the hiking campaign is not likely.
In company news, $Citigroup(C.US$ shares fell 3.1% as the bank scrapped a $7 billion sale of its Mexican consumer unit Banamex and will list it instead.
$Agilent Technologies(A.US$ shares shed about 6% after the company cut its annual sales and profit forecasts.
Shares of TurboTax-owner $Intuit(INTU.US$ dropped 7.5% after a disappointing profit forecast.
The CBOE Volatility Index ( $CBOE Volatility S&P 500 Index(.VIX.US$ ), known as Wall Street's fear gauge, hovered around three-week highs.
Federal Reserve policy was also in focus. Stocks held their declines after the release of minutes from the Fed's May 2-3 meeting, showing that Fed officials "generally agreed" last month that the need for further interest rate increases "had become less certain."
Investors expect the central bank to pause its aggressive rate hiking campaign at its June 13-14 meeting.
Fed Governor Christopher Waller said he is concerned about the lack of progress on inflation, and while skipping an interest rate hike at the central bank's meeting next month may be possible, an end to the hiking campaign is not likely.
In company news, $Citigroup(C.US$ shares fell 3.1% as the bank scrapped a $7 billion sale of its Mexican consumer unit Banamex and will list it instead.
$Agilent Technologies(A.US$ shares shed about 6% after the company cut its annual sales and profit forecasts.
Shares of TurboTax-owner $Intuit(INTU.US$ dropped 7.5% after a disappointing profit forecast.
From YouTube
The debt ceiling debate has come down to one key concept.One side wants to cut spending, the other side wants to raise taxes.Essentially, we either lower costs or raise revenue.![]()
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