The Dow fell on Tuesday as Wall Street considered the likelihood of Congress passing a tentative deal on raising the U.S. debt ceiling. The Dow dipped 0.15%. The S&P 500 closed flat. The Nasdaq gained 0.32%.
added 0.32% to finish at 13,017.43, paring gains after trading up as much as 1.4% earlier in the day.reached an agreement to raise the debt ceiling and avoid a default over the weekend
, with Congress set to vote on the legislation as early as Wednesday. Both Republican and Democratic support is needed for the proposed bill to pass. The agreement comes just days before the so-called X date on Monday, which is the earliest date the Treasury Department has signaled the U.S. could default on debt obligations. The long negotiations between the White House and congressional leaders raised concern among investors that a default could take place.
"The Fed is still a major focus for all investors," said Brian Price, head of investment management at Commonwealth Financial Network. "It's really a tug of war between what the Fed is likely to do: whether or not they are going to hike one or two more times, or just sit tight and wait and see how incoming inflationary data is over the next couple of months."
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