US stocks fell on Thursday as investor concerns linger about a potential recession and the US debt limit being reached.
Recession fears resurfaced after retail sales fell 1% in December, building off the 1% decline seen in November. Producer price index data also showed a drop in business activity in December. But the job market remains strong, as jobless claims fell unexpectedly to 190,000 last week. Meanwhile, the US Treasury said it hit the debt ceiling imposed by Congress on Thursday, and is now taking extraordinary measures, essentially accounting maneuvers, to fulfill its obligations.
Treasury Secretary Janet Yellen has said she expects the measures will stall a US default until around June, when pressure will be on Congress to raise the debt ceiling.
Impact on capital markets in Asia?
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Stock Market News Today: Dow Loses Over 600 Points On Inflation, Retail DataThe Dow dropped more than 600 points as new data raised concerns about economic growth. Treasury yields fell sharply. I thought too much growth was the problem last year 🤔 Democrats destroying our economy 😢 dow jones is over inflated balloon
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