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Wall Street opens on mixed ground and the Dow Jones falls 0.41%

Wall Street began the month of June this Thursday on mixed terrain and the Dow Jones Industrials, its main indicator, lost 0.41% at the opening, after the US House of Representatives. approve a debt ceiling bill in a crucial step to avoid a US default.

Ten minutes after the start of operations on the New York Stock Exchange, the Dow Jones fell to 32,772 units and the selective S&P 500 subtracted 0.04% to 4,178 points.

For its part, the composite index of the Nasdaq market, in which the main technology companies are listed, gained 0.05% to 12,941 integers.

Negotiations between Democrats and Republicans on the debt ceiling have been at the center of investor concerns for weeks.

Politicians have until June 5 to approve the measure in both chambers, the date on which the Treasury Department estimates that the country will exhaust its reserves.

Yesterday, the measure was approved in the lower house by a vote of 314-117 with bipartisan support.

Senate Majority Leader Chuck Schumer, a Democrat, said he hopes the Senate can “move the bill quickly” for President Joe Biden to sign. “as soon as possible”which is the last step to approve this budget.

“The US government is close to reaching an agreement to increase the federal debt limit, which should bring some relief to the outlook for the economy and markets. However, investors should consider the risks that may arise even after the debt ceiling deadlock is resolved.”writes analyst Vishy Tirupattur, for Morgan Stanley.

Beyond the debt ceiling battle, investors look to the June 13-14 Federal Reserve (Fed) policy meeting as another potential market catalyst.

Philadelphia Fed President Patrick Harker said yesterday that he is inclined to skip a rate hike at the next meeting.

By sectors, the biggest gains were for communications and finance, which rose 0.52% and 0.38%, respectively, while the biggest losses were for real estate and public services, with a drop of 0 .74% and 0.6% respectively.

Among the 30 Dow Jones stocks, the companies with the biggest losses were Salesforce (-4.9%) and Amgen (-3.4%), while the biggest gains were for Visa (1.34%) and Boeing (1. 22%).

Source: Elcomercio

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