Stocks move higher on Wall Street as talks over avoiding a U.S. default continue in Washington

10/11/2013
ASSOCIATED PRESS

NEW YORK — The stock market is closing higher as talks continue in Washington over ending a budget impasse that has partially shut down the government and threatened the United States with default.

The Dow Jones industrial average rose 111 points, or 0.7 percent, to close at 15,237 today. The Dow surged 323 points on Thursday as investors hoped that signs of a compromise from House Republicans would defuse the standoff.

The Standard & Poor’s 500 index rose 10 points, or 0.6 percent, to 1,703. The Nasdaq composite rose 31 points, 0.8 percent, at 3,791.

The price of gold closed at a three-month low as investors ditched safe-play assets in light of the progress toward reaching a debt deal.

Three stocks rose for every one that fell on the New York Stock Exchange.