John Authers, Columnist

Is the S&P FANG’d Out? Debt Isn't the Only Ceiling

A breakout past 4,200 meets resistance as this rally’s dependence on the tech giants makes allocators nervous.

May 23, 2023 at 4:23 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

House Speaker Kevin McCarthy on the floor of the NYSE last month. — House Speaker Kevin McCarthy on the floor of the NYSE last month.
Photographer: Michael Nagle/Bloomberg

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The debt ceiling is dominating today’s headlines. As I write, Speaker of the House Kevin McCarthy has gone on record as saying that the limit on the US government’s borrowing must be raised this week to avert a default. The political game theory is ever more fascinating.