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Saturday, November 17, 2012

FISCAL CLIFF POW-WOW >>> Dow gain on hopeful budget talk

DJIA down for a 4th consecutive week

U.S. stocks climbed Friday, denting weekly losses, as optimistic words followed the opening round of negotiations on averting automatic spending cuts and tax increases set to begin Jan. 1.

“It’s a distinct positive that they came out and said, ‘We talked, we saw some common ground.’ It’s not in either party’s interests to go over the cliff,” said Jim Dunigan, managing executive, investments, PNC Wealth Management, after congressional leaders emerged from the meeting with President Barack Obama and labeled the discussions “constructive.”

Halting a four-session losing run, the Dow Jones Industrial Average added 45.93 points, or 0.37%, to 12,588.31, leaving it with a 1.8% weekly loss.

The S&P 500 Index rose 6.55 points, or 0.48%, to 1,359.88, down 1.5% from the week-ago finish.

The Nasdaq Composite advanced 16.19 points, or 0.57%, to 2,853.13, off 1.8% for the week.

For every stock on the decline, nearly three rose on the New York Stock Exchange, where 949 million shares traded. Composite volume neared 4 billion.


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