Last Update: May 13, 2023, 02:19 IST
The broad-based S&P 500 fell 0.2 percent to 4,124.08, while the tech-rich Nasdaq Composite Index declined 0.4 percent to 12,284.74.
The White House said on Thursday that talks between President Joe Biden and Republican congressional leaders would be postponed until early next week
Wall Street stocks retreated on Friday to close a mixed week as markets monitored regional bank shares and awaited key talks to avert a US debt default.
The White House said Thursday that talks between President Joe Biden and Republican congressional leaders on whether to allow staff to continue working would be postponed until early next week.
A note from Charles Schwab said, “Wall Street seems optimistic about the debt ceiling, perhaps because the country has never defaulted and still has a three-week window during which a deal can be done.” “
“Still, it’s hard to see the market gaining much traction with this much overhang.”
The Dow Jones Industrial Average fell less than 0.1 percent to 33,300.62.
The broad-based S&P 500 fell 0.2 percent to 4,124.08, while the tech-rich Nasdaq Composite Index declined 0.4 percent to 12,284.74.
Both the Dow and the S&P 500 ended the week with modest losses, while the Nasdaq posted modest gains.
Regional banks mostly declined, although the decline was less severe than in some recent sessions. PacWest Bancorp dropped 3.0 percent and Comerica shed 2.1 percent, while Western Alliance Bancorporation climbed 2.1 percent.
In addition to the resumption of talks on the US debt ceiling, next week’s calendar also includes congressional testimony on the ongoing banking industry woes.
These include hearings on Tuesday with the former heads of Silicon Valley Bank and Signature Bank, two major lenders that have failed in recent weeks.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
