BUSINESS US stocks rise on deal to avoid shutdown

BUSINESS

US stocks rise on deal to avoid shutdown

AP

02:54, February 13, 2019

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Traders Joseph Lawler, left, and James Lamb work on the floor of the New York Stock Exchange. (Photo: AP)

US stocks are gaining after US lawmakers reached a tentative deal to avoid another costly government shutdown.

The deal could alleviate pressure on the market as the US and China begin talks on their trade dispute.

Major companies continue to report fourth-quarter earnings. Molson Coors fell 9.4 percent as weak volume dragged down profit and revenue. Elsewhere, Coty soared after investment firm JAB Holdings offered to acquire a controlling stake in the owner of CoverGirl.

The S&P 500 gained 33 points, or 1.2 percent, to 2,743.

The Dow Jones Industrial Average rose 333 points, or 1.4 percent, to 25,392. The Nasdaq added 99 points, or 1.4 percent, to 7,407.

Bond prices fell. The yield on the 10-year Treasury rose to 2.68 percent.


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