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U.S. stocks gain on optimistic remarks on fiscal cliff


10:20, November 29, 2012

NEW YORK, Nov. 28 (Xinhua) -- U.S. stocks gained on Wednesday as comments from U.S. lawmakers fueled optimism that the so-called fiscal cliff could be avoided.

When the market closed, the Dow Jones industrial average climbed 106.98 points, or 0.83 percent, to 12,985.11. The Standard & Poor's 500 gained 10.99 points, or 0.79 percent, to 1,409.93. The Nasdaq Composite Index rose 23.99 points, or 0.81 percent, to 2,991.78.

Negotiations on the debt deal resumed this week after the Thanksgiving holiday. Although both Democrats and Republicans expressed the willingness to reach a debt deal to avoid the fiscal cliff, investors remained worried as the Dec. 31 deadline approached.

Market sentiment was boosted on Wednesday after House Speaker John Boehner said he is optimistic that lawmakers can "avert this crisis sooner rather than later."

Meanwhile, President Barack Obama said separately at the White House that he hopes the deal can be reached before Christmas.

Stocks were under pressure in the earlier session after data showed new U.S. home sales unexpectedly dropped. Sales volume of new single-family houses in the U.S. slightly fell 0.3 percent in October while home prices also dropped, according to the Commerce Department on Wednesday.

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