ANF - Markets Plunge as Ceiling Talks Held Up
Stocks fell Wednesday as U.S. lawmakers struggled to reach a deal on the country's debt ceiling, heightening worries of a potential default.
The Dow Jones Industrials stumbled by the closing bell, 255.13 points, to 32,800.38.
The S&P 500 waned 30.25 points to 4,115.33.
The NASDAQ was negative 76.08 points to 12,484.16.
As debt ceiling discussion stretch into another day, House Speaker Kevin McCarthy said in a late-morning press conference that negotiators remain at odds on spending caps, and blamed the Democrats for coming to the table so late in the process. McCarthy also said that he believes the negotiating teams could make progress Wednesday.
Treasury Secretary Janet Yellen previously warned lawmakers that a potential default in early June is “highly likely.” She noted Wednesday that she already sees “some stress in financial markets” as concerns mount that the U.S. could see its first default in history.
The tail end of earnings season stretched on with Kohl's leaping 8%, and Abercrombie & Fitch popping 31%, after posting surprise profits.
Semiconductor giant Nvidia posts results Wednesday after the bell.
Prices for the 10-year Treasury were slightly lower, raising yields to 3.74% from Tuesday's 3.70%. Treasury prices and yields move in opposite directions.
Oil prices gathered 96 cents to $73.87 U.S. a barrel.
Gold prices were down $12.20 to $1,962.30 U.S. an ounce.