The Straits Times
Published on Dec 18, 2012

Stocks rise on deal hopes ahead of fiscal cliff


NEW YORK (AFP) - United States (US) stocks rose on Monday amid Wall Street hopes of a political compromise that would prevent the economy from going over the "fiscal cliff" in two weeks.

The Dow Jones Industrial Average finished the session up 100.38 points (0.76 per cent) at 13,235.39.

The broad-market S&P 500 gained 16.78 points (1.19 per cent) at 1,430.36, while the tech-rich Nasdaq Composite was up 39.27 points (1.32 per cent) to 3,010.60.

President Barack Obama hosted top Republican lawmaker John Boehner in the White House Monday in what appeared to be the latest effort to avert going over the so-called fiscal cliff, a mix of steep tax hikes and spending cuts set to take effect in January if Washington fails to reach a deal.