Stock market gains on hopes for deal to avoid 'fiscal cliff'
BY Wire reports
Thursday, November 29, 2012
11/29/12 at 3:54 AM
Stocks gained Wednesday on signs that lawmakers are edging toward a deal that would help the U.S. avoid the "fiscal cliff."
The Dow Jones industrial average closed up 106.98 points at 12,985.11 after being down as much as 112 points in early trading.
President Barack Obama said he believed both parties can reach a "framework" on a debt-cutting deal before Christmas, while House Speaker John Boehner told reporters that he was optimistic a deal could be reached.
Huge tax increases and spending cuts will come into effect Jan. 1 if no deal on the U.S. budget is reached. Economists say the measures could push the country into recession.
