Stocks recovered from an early slide on Wall Street to close with modest gains Wednesday as investors held out hope that Congress may yet be able to temporarily extend the federal government’s debt ceiling and buy lawmakers time to reach a more permanent resolution.
California’s insurance commissioner says Allstate, Mercury and CSAA continue to shortchange policyholders on pandemic refunds. If the nation’s debt ceiling, which caps the amount of money the federal government can borrow, isn’t raised by Oct. 18, the country “would likely face a financial crisis and economic recession,” Treasury Secretary Janet L. Yellen told Congress last week.
The latest bout of market volatility comes as investors question the economy’s path forward, amid rising inflation and the ongoing effect from the COVID-19 pandemic. Bond yields have remained relatively stable since a sharp jump late last month that signaled concern that high inflation could linger longer than economists and investors had initially anticipated.
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