Stocks Higher As Optimism Rises On Budget Deal
NEW YORK (AP) — What a difference a deal makes: Stocks rose Monday in no small part because of word that Washington at last was making progress on a possible deal that would avert a default by the U.S. government.
The stock market started the session broadly lower after negotiations between the White House and House Republicans broke down over the weekend. However, stocks erased those losses in early afternoon trading following news that President Barack Obama would meet with Congressional leaders. The market extended those gains after Senate leaders said headway was being made.
The Dow Jones industrial average added 64.15 points, or 0.4 percent, to close at 15,301.26. The index was down as much as 100 points earlier in the day. The Standard & Poor’s 500 index rose 6.94 points, or 0.4 percent, to 1,710.14. The Nasdaq composite rose 23.40 points, or 0.6 percent, to 3,815.27.