The Dow Jones Industrials descended 109.28 points to end Friday and the week at 33,426.63.
The S&P 500 handed back 6.09 points to 4,191.96.
The NASDAQ faltered 30.94 points to 12,657.90.
Those moves come after GOP negotiators on Friday walked out of a debt ceiling meeting, with Rep. Garret Graves saying the White House team is “unreasonable,” according to media sources. “We’re not going to sit here and talk to ourselves,” Graves said.
Friday’s losses were kept in check, however, after Federal Reserve Chairman Jerome Powell said interest rates may not have to rise as much as expected to quell inflation.
The major averages remained on track for weekly gains. The S&P 500 is up 1.7% week to date. That would be its biggest one-week advance since March. The NASDAQ, meanwhile, rose 3.1% for the week. That would also be its best weekly performance since March. The Dow is up 0.4%.
A chunk of those gains came Thursday, as traders mounted bets that a U.S. debt ceiling deal could be reached. Comments from House Speaker Kevin McCarthy Thursday seemed to suggest a potential deal could come as soon as next week.
Prices for the 10-year Treasury skidded a bit, raising yields to 3.70% from Thursday’s 3.65%. Treasury prices and yields move in opposite directions.
Oil prices edged higher four cents to $71.98 U.S. a barrel.
Gold prices recovered $17.80 to $1,977.60 U.S. an ounce.