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.
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