Joe Biden: 'There Will Be No Default,' And McCarthy Agrees
Portfolio Pulse from AJ Fabino
President Joe Biden announced that Congressional leaders have agreed there will be no default, despite the approaching June 1 x-date. Biden proposed a $1 trillion spending cut and a two-year spending freeze. Discussions with House Speaker Kevin McCarthy have been fruitful, and both sides agree that a default isn't a viable option.
May 25, 2023 | 7:09 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) moved 0.73% higher to $414.09 after President Biden announced that Congressional leaders agreed there will be no default.
The news of an agreement between Congressional leaders to avoid a default is positive for the overall market sentiment, as it reduces uncertainty and potential negative impacts on the economy. This is reflected in the 0.73% increase in the SPY ETF, which tracks the S&P 500 index. The relevance is 50 as the news is not directly about the ETF but affects the overall market. The importance is 60 as avoiding a default is significant for market stability. Confidence is 80 as the news is clear and its impact on the market is evident.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50