US stocks were mixed on Monday as markets assessed reports suggesting some movement is being made in Washington on bridging the political gap needed to raise the $31 trillion debt ceiling and prevent the country from slamming into a debt default.
The S&P 500 was hoping to notch its first gain after two losing sessions and following two back-to-back weekly declines. The Biden administration and Republican lawmakers are making progress in their negotiations over spending and raising the debt limit and the talks could lead to a deal, Treasury Secretary Janet Yellen said Saturday, according to
. Yellen has warned of major damage to the economy if the US were to miss meeting its debt obligations. that issues in focus between negotiators had narrowed, suggesting a possible agreement was taking shape. Biden is expected to resume talks over the debt limit on Tuesday, according to multiple reports.
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