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Wall Street Shares Trade Mixed Among Inconclusive Debt Ceiling Talks

Wall Street Stocks traded mixed as debt ceiling talks fail to reach a conclusion.

Wall Street Stocks traded mixed on Monday as debt ceiling talks between the two parties of Congress continue to fail to reach a conclusion. The Nasdaq gained on the back of advances in Alphabet and Meta Platforms, but the S&P 500 finished near flat as investors avoided major bets ahead of a new round of debt-ceiling talks.

Treasury Secretary Janet Yellen maintained on Sunday her June 1 ultimatum for Congress to boost the national borrowing limit, adding that the government is unlikely to make it until June 15 before running out of money. 

US President Joe Biden and top Republican congressional leader Kevin McCarthy were scheduled to meet on Monday to discuss lifting the federal debt ceiling, only 10 days before the US could face an unprecedented default.

The tech-rich Nasdaq Composite Index gained 0.50% at 12,720.78 points with the broad-based S&P 500 closing flat at 4,192.66 points, while the Dow Jones Industrial Average finished down 0.4% at 33,286.58.

Technology-related stocks lifted the market, with Alphabet Inc rising 1.87% and Meta Platforms Inc adding 1.1%, but Apple Inc dropped 0.55% after Loop Capital downgraded the stock. 

Dow component Chevron dipped 1.8% after announcing it will acquire PDC Energy. PDC gained 7.2%.

PacWest shares surged nearly 20% after it agreed to sell its real estate construction loans portfolio to a subsidiary of Kennedy-Wilson Holdings Inc. This led to a winning session for Regional banks. Comerica rose 3.5 %, KeyCorp 4.6 % and Western Alliance Bancorporation 10.3 %.

The S&P 500 established 18 new 52-week highs and nine new lows, while the Nasdaq Composite established 88 new highs and 78 new lows.

Volume on US exchanges was somewhat weak, with 9.6 billion shares moved, compared to a 20-session average of 10.6 billion shares.

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