Stocks higher -- Wall Street take cue from Washington

Oct. 14, 2013 at 5:21 PM
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WASHINGTON, Oct. 14 (UPI) -- The Dow Jones industrial average closed higher for the fourth consecutive session Monday as Washington lawmakers said a deal on the debt ceiling was close.

Senate leaders said a bipartisan deal that would raise the debt ceiling and end the government shutdown was possible soon. President Barack Obama, meanwhile, warned that the House also needed to pass the bill and that the economic repercussions would be severe "if Republicans aren't willing to set aside their partisan concerns in order to do what's right for the country."

The New York Times reported that Obama warned lawmakers "we stand a good chance of defaulting, and defaulting could have a potentially devastating effect on the economy."

The Dow Jones industrial average closed up 64.15 points or 0.42 percent to 15,301.26. The Standard & Poor's 500 added 9.94 or 0.41 percent to 1,710.14 and the Nasdaq posted a gain of 23.40 points or 0.62 percent to 3,815.27.

On the New York Stock Exchange, 1,749 issues advanced while 1,253 declined on volume to 2.5 billion shares traded.

In Europe, the London FTSE 100 rose 20.46 points or 0.32 percent to 6,507.65, the German DAX shed 1.02 points or 0.01 percent to 8,723.81 and the French CAC 40 added 2.98 points or 0.07 percent to 4,222.96.

On currency markets, the euro rose to $1.3561 and the dollar rose to 98.56 yen. On the Comex division of the New York Mercantile Exchange, gold added $3.70 to $1,271.90 per troy ounce while silver gained 1.1 cents to $21.27.

On the Chicago Board of Trade December corn added 2 3/4 cents to 4.36 per bushel while wheat gained 1/4 cents to 6.92 1/2. November soybeans gained 4 3/4 cents to $12.71 1/2.

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