Stock market mostly rises after Washington breaks impasse, avoids default; IBM weighs on Dow
NEW YORK, N.Y. – The stock market is mostly higher in midday trading after Washington reached a last-minute deal to avoid a U.S. default and reopen the government.
The Standard & Poor’s 500 index rose five points, or 0.3 per cent, to 1,726 at noon Thursday, a point above its record closing high of 1,725 reached Sept. 18.
The Dow Jones industrial average was dragged lower by poor quarterly results at IBM and other members of the 30-stock index including Goldman Sachs and UnitedHealth.
The Dow lost 49 points, or 0.3 per cent, to 15,324.
The Nasdaq rose 12 points, or 0.3 per cent, to 3,851.
Yields on U.S. government debt declined as investors were relieved that Washington averted a default.
Verizon rose $1.56, or 3 per cent, to $48.82 after its income jumped 40 per cent.
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