News Column

Fiscal Cliff Talk Moves Market

Nov. 29, 2012

Wall Street gained ground Wednesday amid optimism that lawmakers can reach a deal to avert a looming mix of steep austerity measures and tax increases.

US President Barack Obama said he hoped "to get this done before Christmas," while the leader of majority Republicans in the lower House of Representatives expressed similar optimism.

The blue-chip Dow Jones Industrial Average gained 106.98 points, or 0.83 per cent, to 12,985.11. The broader Standard & Poor's 500 Index rose 10.99 points, or 0.79 per cent, to 1,409.93. The technology-heavy Nasdaq Composite Index added 23.99 points, or 0.81 per cent, to 2,991.78.

The US currency slipped to 77.27 euro cents from 77.29 euro cents on Tuesday. The dollar lost ground against the Japanese currency to 82.08 yen from 82.12 yen.

Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH

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