Stock Market News, May 23, 2023: Stocks Close Lower as Investors Eye Debt Ceiling

U.S. nears deadline to prevent first-ever default; PacWest shares continue rise

Major stock indexes finished Tuesday lower as debt -eiling talks in Washington have yet to provide a resolution.

The losses extended in afternoon trading, with the Dow industrials ending down more than 200 points. Read today’s full markets roundup here.

President Biden said a meeting with House Speaker Kevin McCarthy was productive and that a default was off the table. Treasury officials have said a default could come as soon as early June if an agreement isn’t struck.

The tech-heavy Nasdaq Composite dropped more than 1% a day after reaching a new 2023 high.

As of the close of trading in New York:

Yelp’s shares rose after the Wall Street Journal reported that TCS Capital Management has built a stake in the company and is recommending a sale or merger.

PacWest climbed , building on a 20% gain Monday, following the bank’s announcement that it would sell a $2.6 billion property-loan portfolio to Kennedy-Wilson Holdings.

U.S. government bond prices wavered. The yield on the benchmark 10-year Treasury note fell to 3.696%, breaking a seven-day winning streak.

Oil prices rose, making the energy sector the S&P 500’s only advancer, after the Saudi energy minister warned speculators to watch out for potential policy changes when OPEC meets next month.

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