U.S. stocks gain as market looks past shutdown jitters; Dow gains 0.51%


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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 rating.

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 0.21%.

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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This article appears in: Investing , Forex and Currencies

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