2023-06-02 18:33:40
US stocks closed lower on Wednesday ahead of a crucial congressional vote on a bill to raise the federal debt ceiling, while unexpectedly strong labor market data rattled investors who fear the Federal Reserve will raise interest rates once more in June.
The House of Representatives is voting on the bill to raise the debt ceiling of $31.4 trillion, an essential step to avoid a default that might happen next week if Congress fails to approve it.
The Labor Department reported that job vacancies in the United States increased unexpectedly in April, which means continued strength in the labor market, indicating pressures on wages and inflation.
The Dow Jones Industrial Average fell 134.51 points, or 0.41 percent, to 32,908.27 points.
The Standard & Poor’s 500 Index fell 25.69 points, or 0.61%, to 4,179.83 points.
The Nasdaq Composite Index fell 82.14 points, or 0.63%, to 12,935.29.
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