S&P 500 is trending down this morning after the U.S. Treasury Secretary reiterated that it was now “highly likely” to run out of cash in early June.
Janet Yellen did not precisely disclose the day when she expects resources to dry up and again touted raising the debt ceiling as a solution. The Secretary of the Treasury also said:
“I’m seeing stress in financial markets, including bill auctions. Even in run-up to possible default, there will likely be substantial financial market distress.”
At writing, the benchmark S&P 500 index is up nearly 8.0% versus the start of the year.
This is a developing story. Check back later for further updates!
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