Stocks Reverse Course, Close Higher as Possibility For Budget Deal Develops

By Staff,

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The stock market squeezed out a modest gain and closed on the plus side for the fourth consecutive day as U.S. federal budget developments continue to manipulate global finance markets. A triple-digit loss in the Dow at the open eventually evaporated as demand for equities materialized following a joint statement from Senate leaders Harry Reid and Mitch McConnell that fueled hopes for a resolution before Thursday's deadline. The Dow Industrial closed above the 50-day moving average for a second straight day helping to turn momentum indicators positive for all three indices.

Because of the Columbus Day holiday, the bond market was closed and the Treasury did not conduct their regular weekly auction of 3 month and 6 month bills. No economic data was released.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
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