Wall Street is drifting in mixed trading Tuesday after Washington reached a tentative deal to avoid a potentially disastrous default on its debt.
The S&P 500 was up 0.1% in midday trading, remaining near its highest level in nine months. The Dow Jones Industrial Average was down 124 points, or 0.4%, at 32,967, as of 12:18 p.m. Eastern time, while excitement about artificial intelligence helped the Nasdaq composite lead the market with a 0.5% gain.
The wide expectation on Wall Street has been for Washington to reach a deal in the 11th hour because failure would likely mean tremendous pain for the economy and financial markets. The worries are also global, with China’s economic recovery weaker than expected following tits relaxation of anti-COVID restrictions.
Nvidia’s surge has its total value near $1 trillion, a threshold passed by only the biggest stocks, including Apple. The huge gains are raising worries about another possible bubble sweeping the stock market. But evangelists say AI is the next big revolution to reshape the global economy. On the losing end of Wall Street were companies in the energy industry. Exxon Mobil fell 1.3%, and Chevron dropped 1%. They were following the price of crude oil lower amid worries about demand for fuel.
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