Wall Street closed lower on worries about the US debt ceiling

Wall Street closed lower This Tuesday, May 16th Because of the high yield on benchmark Treasury bonds Mixed economic data and weak results f Uncertainty about debt ceiling negotiations In Washington, they kept stock buyers on the sidelines.

Major US stock indices closed in the red: the Dow Jones fell 1%, the S&P fell 0.6% and the Nasdaq fell 0.2%.

In this context, the President of the United States said Joe Biden He was scheduled to meet the Republican Speaker of the House Kevin McCarthyto try to reach an agreement to raise the US debt limit and avoid a catastrophic default.

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Managers of major US companies, including Goldman Sachs, Morgan Stanley and Nasdaq, have written to the US president and congressional leaders to He warned them of the “potentially catastrophic consequences” of default and warned them that “failure to resolve the current impasse could easily have further negative consequences.”.

“Although the US economy is strong, high inflation has caused stress in the financial system. Default weakens our position in the global financial system”The business said in the open letter.

The latest data indicates that the US economy is slowing down after a series of interest rate hikes by the Federal Reserve to combat high inflation.

The dollar index rose 0.2 percent to $102.61, and the euro fell 0.1 percent to $1.09, while the pound fell 0.4 percent to $1.25. The yen fell 0.2 percent to 136.31 per dollar. Among raw materials, crude oil prices fell 0.8% and spot gold fell 1.4% to $1,988.95 an ounce.