Investing.com - U.S. stocks rose on Friday as investors locked
in expectations for a fiscal impasse in Congress and accompanying
government shutdown will be temporary and eventually give way to
more robust recovery as the year comes to a close.
The government shutdown entered its fourth day on Thursday.
At the close of U.S. trading, the Dow Jones Industrial Average
finished up 0.51%, the S&P 500 index rose 0.71%, while the
Nasdaq Composite index rose 0.89%.
While a government shutdown may run through mid October, sentiments
that congressional Democrats and Republicans will eventually find a
way to fund the government and agree on terms to lift the debt
ceiling and steer the country out of the fiscal impasse sent stock
prices rising Friday.
The U.S. Treasury Department has estimated will the government will
hit its debt ceiling by Oct. 17, though hopes the nation's
policymakers will reach a broad agreement to tackle fiscal impasses
sparked a rally on Wall Street.
House Speaker John Boehner, an Ohio Republican, reiterated on
Friday that the U.S. will not default on its debts.
Elsewhere, stocks rose in a session previously scheduled to see the
release of the U.S. September jobs report.
The Bureau of Labor Statistics said on its web site that it was not
collecting data, issuing reports, or responding to public inquiries
due to suspension of federal services.
Supporting stocks was a Standard & Poor's report stating that
the debt ceiling debate is unlikely to change its U.S. sovereign
Leading Dow Jones Industrial Average performers included Walt
Disney, up 2.01%, Boeing, up 1.67%, and DuPont, up 1.54%.
The Dow Jones Industrial Average's worst performers included
Wal-Mart, down 0.49%, Merck, down 0.27%, and General Electric, down
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 0.83%,
France's CAC 40 rose 0.88%, while Germany's DAX 30 rose 0.29%.
Meanwhile, in the U.K. the FTSE 100 finished up 0.08%.
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