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Dec. 11, 2012 at 1:38 PM   |   Comments

Stocks climb Tuesday

NEW YORK, Dec. 11 (UPI) -- Positive news from Washington on budget talks helped push stocks in New York higher Tuesday.

In early afternoon trading, the Dow Jones industrial average added 106.67 points or 0.81 percent to 13,276.55.

The tech-heavy Nasdaq index gained 49.84 points or 1.67 percent to 3,027.88. The Standard and Poor's 500 added 12.73 points or 0.9 percent to 1,431.28.

Investors shrugged off a trade deficit report. The Commerce Department said the trade gap widened from $40.2 billion to $42.2 billion in October.

The 10-year treasury note fell 11/32 to yield 1.658 percent.

The euro rose to $1.3007 from Monday's $1.2941. The dollar rose to 82.46 yen from 82.36 yen.

Japan's Nikkei 225 index lost 0.09 percent, 8.43 points, to 9,525.32.

Britain's FTSE 100 index gained 0.06 percent, 3.34 points, to 5,924.97.


Michigan House approves public sector bill

LANSING, Mich., Dec. 11 (UPI) -- Michigan's House passed a right-to-work bill Tuesday for public-sector workers, and the legislation was headed to Republican Gov. Rick Snyder's desk.

The state House voted 58-51 to pass House Bill 4003, one of two right-to-work bills. The Lansing State Journal said the state House would next take up Senate Bill 116, which would affect private-sector employees.

All Democrats and some Republicans opposed the state House bill, but the State Journal said both of the right-to-work bills were expected to pass because of the 64-46 Republican majority in the state House.

Democrats were tried to impede the vote on the private sector bill with amendments, which were quickly rejected.

The legislation would block requirements forcing workers to pay union fees as a condition of employment.

Outside the Capitol, a crowd of protesters swelled to 10,000, as demonstrators pounded drums and emptied buckets, The Detroit News reported.

A large pro-union rally was held in front of Lansing's City Hall and giant loudspeakers broadcast speeches across the Capitol lawn, the report said.

United Auto Workers President Bob King was among the speakers.

"Unions built the middle class of America. This is a national attack," he said. "These folks want to shift more and more of the wealth to a smaller and smaller group of people."

The News said the speakers included firefighters, teachers and factory workers, who promised Tuesday's protest was just the start, and said they would follow legislators all over the state to remind the public of legislators' votes.

The Capitol was closed after officials said the building had reached its capacity, leaving thousands of union members on the lawn outside, The New York Times reported.

Streets around the Capitol were closed to traffic, the Times said, while state police, some carrying riot gear, stood guard throughout the building and along nearby streets.


U.S. trade gap widened in October

WASHINGTON, Dec. 11 (UPI) -- The U.S. trade deficit rose from $40.3 billion in September to $42.3 billion in October, the Commerce Department said Tuesday.

Among major trading partners, the trade gap with China rose from $29.1 billion to $29.5 billion and from $7.1 billion to $8.6 billion with the Organization of Petroleum Exporting Countries.

The deficit with the European Union also rose, climbing from $8.6 billion to $10.6 billion. With Japan it rose from $4.8 billion to $7 billion.

The department also revised September's deficit. It was previously announced as a gap of $41.5 billion.

As for other trading partners, the trade gap rose slightly with Germany, Ireland, Nigeria, Taiwan and Venezuela.


China Nov. fiscal revenue up 22 percent

BEIJING, Dec. 11 (UPI) -- China's finance ministry Tuesday reported November fiscal revenues rose 21.9 percent year-on-year to $125.12 billion.

November fiscal expenditures rose 6.7 percent to $195.7 billion.

The ministry said November tax revenues, the main source of government income, rose 21.1 percent $108.2 billion, the official Xinhua News Agency reported.

Fiscal revenues in the first 11 months of this year totaled $1.75 trillion, the ministry said. Fiscal expenditures in the same period were $1.68 trillion.

For all of 2011, China's fiscal revenues amounted to $1.64 trillion.

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