The good news: Biden will meet McCarthy in person later today to discuss the debt ceiling. The bad: There’s no telling how the talks will proceed.
. The S&P 500 slid 0.14%, the Dow Jones Industrial Average lost 0.33% and the Nasdaq Composite fell 0.24%.
To be sure, those weren't big drops, suggesting investors thought Washington would eventually reach a deal — as it always has in the past. Fed Chair Powell's comments that rates might not need to be high also cheered investors. The, which measures investors' expectations of where the S&P will move in the next 30 days, traded at 16.8 Friday. That's pretty near its 52-week low, indicating stability and calm.
Indeed, the major indexes had a good week. The S&P added 1.65% and the Nasdaq rose 3% for the week — their best performance since March. Still, that was before McCarthy cranked up the rhetoric on debt ceiling negotiations. The good news is that Biden will meet McCarthy in person later today. The bad: There's no telling how talks will proceed.
Detours and divisiveness are perhaps inevitable when it comes to White House negotiations across the political spectrum. We can only have faith that the U.S. won't plunge its own economy, and the financial world, into
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