(CNBC) -- The Dow Jones Industrial Average fell on Tuesday as Wall Street considered the likelihood of Congress passing a tentative deal on raising the U.S. debt ceiling.
The 30-stock index lost 49 points, or 0.2%. The S&P 500 was near flat, after trading both above and below the flatline during the session. The Nasdaq Composite gained 0.3%, paring gains after trading up as much as 1.4% earlier in the day.
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President Joe Biden and House Majority Leader Kevin McCarthy reached an agreement to raise the debt ceiling and avoid a default over the weekend, with Congress set to vote on the legislation as early as Wednesday. Lawmakers have not signaled that they intended to return to Capitol Hill early to work on the deal. Both Republican and Democratic support is needed for the proposed bill to pass.