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US equities drifted lower Friday, with the S&P 500 Index and Dow Jones Industrial Average notching their second week in the red, as concerns over the banking system and the debt ceiling impasse weighed on investor enthusiasm. With earnings season winding down, the market is increasingly focused on the outlook for the economy and interest rates, not to mention the possibility of potentially catastrophic economic consequences should Democrats and Republicans fail to raise the debt ceiling. Recession worries were exacerbated Friday by the University of Michigan’s latest consumer sentiment index reading, which dropped more than analysts were expecting. Technology shares were one of the few bright spots last week, with the Nasdaq closing near an 8 ½ month high Friday, while the rest of the market lagged. Meantime, European markets ended Friday’s session in positive territory but the Euro Stoxx 50 Index was still down 0.60% for the week.
Summary for 15.05.2023
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