At the beginning of the trading week, investors’ attention on Wall Street focused primarily on the debt ceiling of the United States. US president Joe Biden reported that he will talk to congressional leaders on Tuesday about a Democratic-desired increase. On Sunday, Biden said he was optimistic about reaching a deal. But Republican Speaker of the U.S. House of Representatives Kevin McCarthy is less confident about that.
”We’re not even close to an agreement yet, “McCarthy said Monday, adding that talks with Democrats are” far from productive.” If the debt ceiling is not raised, the United States will soon be unable to make certain payments, which could lead to major financial turmoil worldwide. According to World Bank CEO David Malpass, the risk of default by the US government is already creating even more economic uncertainty in the world.
Investors seemed reluctant to respond, awaiting further developments. The Dow-Jones index ended 0.1 percent higher at 33,348.6 points,the broad S&P 500 rose 0.3 percent to 4136.28 points. Technology benchmark Nasdaq showed a relatively large increase, from 0.7 percent to 12,365.21 points.
About the author: Wesley C Waldo
Wesley C Waldo, a promising writer who is preparing to publish his first novel in 2023. Travels a lot and collects the clues for a new book. He writes on social topics, sometimes describes an event or two.