Stocks gain on hopes for a deal to avoid 'cliff'
Source: AP-Excite
By STEVE ROTHWELL
NEW YORK (AP) - Stocks gained on signs that lawmakers are edging toward a deal that would help the U.S. avoid the "fiscal cliff."
Indexes shrugged off an early loss and rose in afternoon trading Wednesday. The Dow Jones industrial average closed up 106.98 points at 12,985.11. It had been down as much as 112 points in early trading.
The Standard and Poor's 500 was up 10.99 points at 1,409.93. The Nasdaq composite rose 23.99 points to at 2,991.78.
Huge tax increases and spending cuts will come into effect Jan. 1 if no deal on the U.S. budget is reached. Economists say the measures could push the country back into recession. President Barack Obama said he believed both parties can reach a "framework" on a debt-cutting deal before Christmas, while House Speaker John Boehner told reporters that he was optimistic a deal could be reached, according news outlets including CNBC.
FULL story at link.
Read more: http://apnews.excite.com/article/20121128/DA2R86880.html
In this Nov. 7, 2012, file photo, James Dresch of MND Partners Inc. works on the floor of the New York Stock Exchange in New York. Stocks declined for a third day on Wall Street Wednesday, Nov. 28, 2012, as investors waited for signs of progress on the "fiscal cliff." (AP Photo/Henny Ray Abrams, File)
DJ13
(23,671 posts)the rest of the country is screwed.
Smilo
(1,944 posts)I am fed up with these stock exchanges dictating how this country should be run.
There is no fiscal cliff - there is only GOPT obstructionism.
President Obama and Dems - stay strong and don't give in.
Purveyor
(29,876 posts)Pump and dump...
Angry Dragon
(36,693 posts)Tunkamerica
(4,444 posts)it's in wales.
John2
(2,730 posts)don't care what Wall Street does either. We should be charging them for that Bail out they got or swindle.
RickFromMN
(478 posts)The real problem isn't the supposed fiscal cliff.
The real problem is raising the debt ceiling.
We must prepare for a game of chicken where the Republicans hold the debt ceiling hostage.
This time we mustn't cave. We must prepare and expect the United States to go into default.
President Obama must, by executive order, cut the spending when we go into default.
President Obama must aim most of the spending cuts at Republican sacred cows.
Please help create a list of Republican sacred cows Obama can cut by executive order.
I assume a number of defense contracts are outsourced to private contractors. I would start cutting there.