Stocks are mostly higher as debt impasse ends

10/17/2013

NEW YORK — The stock market is mostly higher in midday trading after Washington reached a last-minute deal to avoid a U.S. default and reopen the government.

The Standard & Poor’s 500 index rose 5 points, or 0.3 percent, to 1,726 at noon today, a point above its record closing high of 1,725 reached Sept. 18.

The Dow Jones industrial average was dragged lower by poor quarterly results at IBM and other members of the 30-stock index including Goldman Sachs and UnitedHealth.

The Dow lost 49 points, or 0.3 percent, to 15,324.

The Nasdaq rose 12 points, or 0.3 percent, to 3,851.

Yields on U.S. government debt declined as investors were relieved that Washington averted a default.

Verizon rose $1.56, or 3 percent, to $48.82 after its income jumped 40 percent.