US stocks fall as investor concerns grow over looming recession and debt ceiling fight
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.
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