US stocks rally on hopes of short shutdown
NEW YORK (AFP) - US stocks on Tuesday jumped amid hopes the partial government shutdown will not seriously harm the economy.
The Dow Jones Industrial Average rose 62.03 points (0.41 per cent) to 15,191.70. The broad-based S&P 500 tacked on 13.45 (0.80 per cent) at 1,695.00, while the tech-rich Nasdaq Composite Index added 46.50 (1.23 per cent) at 3,817.98.
Analysts said many investors had already priced in a government shutdown, limiting the hit when it actually occurred at midnight Monday. Also, many predict a speedy resolution.
"Most people seem to be pretty optimistic that at some point, a deal will be struck and it won't go on too long," said William Lynch, director of investments at Hinsdale Associates.