Closing Bell: Stocks Advance as Deal to End Shutdown, Avert Default Nears

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Wall Street (Trader Jeffrey Vazquez works on the floor of the New York Stock Exchange Friday, Oct. 11, 2013. Stocks were inching
Richard Drew/AP
Stocks rose again Friday, extending the Thursday's rally, as investors bet that the partial government shutdown and the battle over a looming U.S. default would finally be settled.

The Dow Jones industrial average (^DJI) gained 111 points, or 0.7 percent, to 15,237, the Standard & Poor's 500 index (^GPSC) rose 10 points, or 0.6 percent, to 1,703, and the Nasdaq composite index (^IXIC) rose 31 points, or 0.8 percent, to 3,791.

One motivation for investors Friday was the chance an agreement could come over the weekend, when the Senate is expected to vote on extending the federal borrowing limit through January 2015.

Energy stocks led the S&P 500 up after the Environmental Protection Agency proposed lowering the required amount of ethanol to be blended into U.S. gasoline after Thursday's market close.

Tesoro (TSO) led the sector, rising 3.8 percent to $45.18 despite a report Thursday from Reuters that a Tesoro pipeline spilled more than 20,000 barrels of crude oil onto a North Dakota farm.

In economic news, the University of Michigan index of consumer sentiment fell in October to its weakest in nine months and was below expectations.

In commodities trading, benchmark crude for November delivery fell $1.12 or 1 percent to $101.89, while gold, a popular choice for some investors during times of uncertainty, fell $28.70, or 2.2 percent, to $1,268.20 an ounce Friday. That's gold's lowest price since late July.

More Stocks in the News:
  • JPMorgan Chase (JPM) ended the day flat at $52.52 after adjusted earnings beat expectations, despite absorbing a $9.2 billion reserve for litigation expenses.
  • Wells Fargo (WFC) gained 2 cents to $41.46, despite reporting lower third-quarter revenue as mortgage activity slowed.
  • Gap (GPS) sank 6.7 percent to $36.82 after it reported a 3 percent drop in sales for September. Analysts had expected a gain of 1.6 percent. Gap was the biggest decliner in the S&P 500.
  • Safeway (SWY) rose 6.9 percent to $33.75, the biggest gain in the S&P 500 index. The grocery store operator said late Thursday that it plans to sell its Chicago-area Dominick's stores, allowing it to concentrate on its more profitable business.
  • Micron Technology (MU) fell 8.6 percent to $16.84 after the flash memory maker's quarterly profit left some investors wanting more.
  • Shares of Eli Lilly and Co. (LLY) slid 0.6 percent to $48.88 after a Jeffries analyst lowered his rating on the shares, calling them "our least preferred U.S. stock." The analyst lowered his rating on the stock to "underperform" from "hold" and dropped his price target on the shares to $40 from $49.
  • Spirit Airlines (SAVE) soared 14.9 percent to $39.12 and briefly reached an all-time high, as the company lifted its third-quarter outlook following strong September traffic results.
  • Ariad Pharmaceuticals (ARIA) plunged for the second time this week, after the Food and Drug Administration said it was investigating reports of dangerous blood clots with the company's leukemia drug disclosed on Wednesday. Ariad shares fell $1.16 or 21.4 percent, to $4.25.
What to Watch Monday:
  • Monday is Columbus Day, a federal holiday. The bond market will be closed, but stock and commodities markets will be open.
-Compiled from staff and wire reports.


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21 Comments

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pdbliz

People are now realizing,,just how LOW DOWN OBAMA is,,,,,I have talked to a huge amount of Blacks and Whites that voted for him,,and,,now wished they had never ......
They too see this shut down is both parties...But,,the worse is our PRRESIDENT closing the National Parks and the treatment of the people,,,,,
The Democrate Party has lowered it self,,,,Obama if you keep letting Reid and Nancy run the show,,they will make a FOOL OUT OF YOU.....
I rrealize,,,you have no clue,,,and,,love for others to do the work,,and,,you get the cedit...
BUT,,YOU MAY NOW GET CREDIT FOR SOMETHING THAT IS GOING TO MAKE YOU LOOK LIKE A DARN FOOL....
Pull up your big boy paNts and BE THE LEADER.....
I do not like the old Republicans as must as I dislike Demcrates.!!!
SLAVERY IS THE NEW DEMOCRATE PARTY,,AND,,,SOME PEOPLE ARE NOW BEGINNING TO SEE THIS...

October 12 2013 at 9:05 AM Report abuse -1 rate up rate down Reply
pdbliz

DO YOU PEOPLE REALIZE,,,HOW MUCH MONEY OUR KIDS OWE THE GOVERMENT....
THIS IS NOT ABOUT OBAMA CARE IN GENERAL.....
WE NEED TO CUT BACK ON SOME GOVERMENT SPENDING.!!!!
YOU CAN NOT RUN A HOUSEHOLD LIKE THIS,,,,,,!!
CUT BACK ON SOCIAL PROGRAMS .....STOP PAYING FOR BABIES AFTER BABY........STOP SECTION 8 ABUSE.........STOP FOOD STAMP ABUSE....AND ECT...
STOP PLACING THE BLAME ON OTHERS........

October 12 2013 at 8:55 AM Report abuse rate up rate down Reply
pdbliz

GOOD MORNING,,,,Democrate Comrads........

Have you got your new China Flag yet from walmart./???
And,,,have you counted how many UNBORN KIDS YOU HAVE KILLED THIS MONTH.!!!

October 12 2013 at 8:52 AM Report abuse -1 rate up rate down Reply
toosmart4u

Once again, the republicans cannot think for themselves. They are told what to say and think from big money which has only one goal in mind which is to collect more money no matter who it may hurt. Time to send the repukes back home for good.

October 12 2013 at 2:30 AM Report abuse -1 rate up rate down Reply
Davie2743

The Republicans should be concentrating on growing the economy instead of wasting their time trying to repeal Obama care which already is in a state of free fall.

October 11 2013 at 11:01 PM Report abuse rate up rate down Reply
1 reply to Davie2743's comment
dembamyshuterdown

OBAMIT N DUMMYCRAPS SHOULD BE CONCENTRATING N GETTING JOBS N LOWERING THEIR 14.3 RECORD UNEMPLOYMENT FIR THE LAST 5 YEARS NOW N GET OUR COUNTRY OUT OF THEIR :"GREAT RECESSION" WE ARE STILL IN TODAY INSTEAD OF KILLING OUR AMERICANS IN "BENGHAZI" N SPYING ON ALL AMERICANS ..

October 12 2013 at 7:30 AM Report abuse rate up rate down Reply
TINKDAY

the people on wall street new a settlement was in the works, before anybody else did, now you know who runs the government and since the budget cuts , to get an agreement, will only effect the private sector middle and poor classes, all is well.

October 11 2013 at 9:39 PM Report abuse +1 rate up rate down Reply
1 reply to TINKDAY's comment
dembamyshuterdown

DEPORT ALL ILLEGAL IMMIGRANTS THAT OBAMIT LET "BREAK" INTO AMERICA. N ABOLISH HIS UNCONSTITUTIONAL WELFARE "HELL" CARE. !

October 12 2013 at 7:49 AM Report abuse rate up rate down Reply
pdbliz

Walmart just got a new stock of China Flags,,,,,,
ALL DEMOCRATE COMRADS,,,GO GET YOU ONE BEFORE THEY RUN OUT....

October 11 2013 at 8:13 PM Report abuse -1 rate up rate down Reply
1 reply to pdbliz's comment
dembamyshuterdown

SHOW YOUR SUPPORT OF REMOVING THIS MUSLIM CLOWN OUT OF OUR WHITE HOUSE IN HANDCUFFS BY FLYING YOUR AMERICAN FLAG UPSIDE DOWN TILL OBAMIT IS REMOVED N DEPORTED. !

October 12 2013 at 7:33 AM Report abuse rate up rate down Reply
striker440

The government is shutdown over a looming default and the stock market is up nearly 500 points in the last two days. What a screwed up stock market.

October 11 2013 at 8:01 PM Report abuse +1 rate up rate down Reply
samuri.sansui

Obama wants to be an Imperialistic leader much like Hideki Tojo

October 11 2013 at 7:28 PM Report abuse -1 rate up rate down Reply
1 reply to samuri.sansui's comment
pdbliz

YOU HAVE A GOOD POST,,,I SEE YOU HIT A NERVE ,,,,YOU TOLD THE TRUTH.!!!

October 11 2013 at 8:08 PM Report abuse -1 rate up rate down Reply
samuri.sansui

It's always a good thing that working Americans aren't taking a hit on their 401 k's. That's why the ACA should be re-pealed and re-done in a bi-partisan manner. The only way to help a poor economy is to lower taxes and create more opportunity for small businesses to thrive. The ACA law is hurting small business to achieve their goals.

October 11 2013 at 7:21 PM Report abuse -2 rate up rate down Reply