*U.S. STOCKS END LOWER ON FRIDAY AMID DEBT CEILING UNCERTAINTY $DIA $SPY $QQQ $IWM 🇺🇸🇺🇸
NEW YORK - U.S. stocks closed out the trading week on a soft note on Friday as early gains dissipated after U.S. debt ceiling negotiations in Washington were paused, denting optimism a deal could be reached in coming days to dodge a default.
Stocks had rallied over the past two sessions on growing confidence a deal to raise the $31.4 trillion debt limit could be reached in coming days, with the benchmarkclimbing more than 2%. But an initial advance on Friday reversed on reports of the pause in talks while Federal Reserve Chair Jerome Powell spoke at a monetary policy panel.
"The market seemed to be going into this weekend thinking that the talks were going to move toward the framework for an agreement ... but what you're seeing now is the Republicans saying, no, this is not acceptable, and they just staged a walkout," said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina.
"It could be to put more pressure on the Democratic caucus and also take advantage of the fact that Biden is overseas. But this headline on a Friday afternoon is definitely not a positive."
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