News Column

US Stocks Rise After Obama's Fiscal Cliff Remarks

Dec 5, 2012

U.S. stock ended Wednesday in mostly positive territory as President Barack Obama offered an optimistic view of the ongoing fiscal cliff negotiations with Republicans in Congress.

"Nobody wants to get this done more than me," Obama told business leaders in Washington Wednesday. "We could probably solve this in about a week. It's not that tough."

Republicans called on Obama to send a counter-offer that can pass both chambers of Congress if he does not like a proposal they submitted earlier this week.

The so-called fiscal cliff is the more than 600 billion dollars in tax increases and federal spending cuts that will take effect unless Congress acts and Obama signs changes into law.

The blue-chip Dow Jones Industrial Average gained 82.71 points, or 0.64 per cent, to 13,034.49. The broader Standard & Poor's 500 Index inched up 2.23 points, or 0.16 per cent, to 1,409.28. The technology-heavy Nasdaq Composite Index dropped 22.99 points, or 0.77 per cent, to 2,973.70.

The US currency rose to 76.51 euro cents from 76.38 euro cents from 76.61 euro cents Tuesday. The dollar gained against the Japanese currency to 82.48 yen from 81.94 yen.

Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH

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