U.S. stocks rise as optimism grows over ending budget impasse

U.S. stocks rose, with the Standard & Poor’s 500 Index trimming its weekly decline, as optimism grew that the lawmakers would reach a deal to end the budget impasse and avoid a default on the federal debt. More

To continue reading this article, please do one of the following.



economic indicators

U.S. stocks rise as optimism grows over ending budget impasse

BLOOMBERG NEWS FILE PHOTO/JIN LEE
AFTER SEVERAL DAYS of financial tension caused by the government shutdown and the possibility of the U.S. defaulting on its debt, stocks rose Friday on optimism that lawmakers would reach a deal.
Posted 10/4/13

NEW YORK - U.S. stocks rose, with the Standard & Poor’s 500 Index trimming its weekly decline, as optimism grew that the lawmakers would reach a deal to end the budget impasse and avoid a default on the federal debt.

Visa Inc. rose 0.8 percent after a judge ruled the company didn’t infringe a SmartMetric Inc. patent. Facebook Inc. climbed 2 percent after the operator of the world’s most popular social network said it will sell advertising on its Instagram photo service. Union Pacific Corp. declined 1 percent after its earnings forecast missed analysts’ projections.

The S&P 500 climbed 0.3 percent to 1,683.49 at 11:20 a.m. in New York, paring an earlier gain of as much as 0.5 percent. The Dow Jones Industrial Average added 21.03 points, or 0.1 percent, to 15,017.51. Trading in S&P 500 stocks was 11 percent below the 30-day average at this time of day.

“There’s a working presumption that this is fundamentally theater and it’s going to work itself out favorably,” Mackintosh Pulsifer, vice chairman and chief investment officer of Fiduciary Trust Co. International in New York, said in a phone interview. He helps oversee $15 billion. “There will not be a default, we’ll find some way to raise the debt ceiling, and government workers will go back to work. In a few weeks it’s not going to have any impact.”

The S&P 500 has fallen 0.5 percent this week as the first partial government shutdown in 17 years began on Oct. 1, placing as many as 800,000 federal employees on unpaid leave and closing some services.

Boehner comments

House Speaker John Boehner reiterated today that he won’t allow the U.S. to default on its debt, even if that requires Democratic votes as House Republicans met in Washington to find a solution to the budget impasse.

Next Page
Calendar
PBN Hosted
Events

Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
  • Book of Lists Party
    Save the date - January 15, 2015 for PBN's Book of Lists Party at the Providence ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement