20:33
Sajid Rahim
United States stocks gain on optimism for D.C. stalemate end, Dow rises 0.73%:
U.S. stocks rose on Friday over hopes talks between the White House and
Congress will lead to a spending package needed to fund the government
and put to rest concerns the country will hit its debt ceiling and risk
default.
At the close of U.S. trading, the Dow Jones Industrial
Average finished up 0.73%, the S&P 500 index rose 0.63%, while the
Nasdaq Composite index rose 0.83%.
Expectations for an end to the
U.S. fiscal deadlock grew after Republicans on Thursday offered to
extend the government's borrowing authority for several weeks,
temporarily staving off a default, which sent stocks rising in a relief
rally.
The White House has yet to agree on the offer, though
talks between President Barack Obama and congressional Republicans
continued Friday, which boosted spirits despite a disappointing consumer
sentiment report.
U.S. Treasury Secretary Jack Lew reiterated
Thursday that the U.S. will reach its debt ceiling on Oct. 17 and warned
that the political crisis is starting to hurt the economy. Lew was
making his comments during testimony before the Senate finance
committee.
The Thomson Reuters/University of Michigan's
preliminary consumer sentiment index for October fell to 75.2 from 77.5
in September.Analysts were expecting a downtick to 76.0.
The study also found that inflation expectations for this month declined to 2.9%, from 3.3% in September.
Solid quarterly earnings reports from JPMorgan Chase and Wells Fargo boosted stock prices as well.
Leading
Dow Jones Industrial Average performers included Johnson & Johnson,
up 1.91%, Visa, up 1.59%, and Goldman Sachs, up 1.23%.
The Dow Jones Industrial Average's worst performers included DuPont, down 0.62%, Boeing, down 0.57%, and Merck, down 0.40%.European indices, meanwhile, finished higher.
After
the close of European trade, the EURO STOXX 50 rose 0.10%, France's CAC
40 rose 0.04%, while Germany's DAX 30 rose 0.45%. Meanwhile, in the
U.K. the FTSE 100 finished up 0.88%.
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