U.S. Stocks Rise on "Fiscal Cliff" Optimism
- 12 years ago
U.S. stocks opened higher on Monday (November 19), with the S&P 500 rising 1 percent, as signs of progress in talks to resolve the fiscal crunch encouraged investors at the start of a holiday-shortened week.
The optimism was fuelled by comments from U.S. lawmakers who indicated that compromises are possible in negotiations to avert $600 billion in tax increases and spending cuts due to start in January - the "fiscal cliff" that threatens to send the economy back into recession.
The Dow Jones industrial average gained 100.14 points, or 0.80 percent, to 12,688.45. The Standard & Poor's 500 Index rose 13.76 points, or 1.01 percent, to 1,373.64. The Nasdaq Composite Index climbed 33.70 points, or 1.18 percent, to 2,886.83.
The optimism was fuelled by comments from U.S. lawmakers who indicated that compromises are possible in negotiations to avert $600 billion in tax increases and spending cuts due to start in January - the "fiscal cliff" that threatens to send the economy back into recession.
The Dow Jones industrial average gained 100.14 points, or 0.80 percent, to 12,688.45. The Standard & Poor's 500 Index rose 13.76 points, or 1.01 percent, to 1,373.64. The Nasdaq Composite Index climbed 33.70 points, or 1.18 percent, to 2,886.83.