US stocks gain amid signs of progress
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NEW YORK, Nov 16 AFP
November 17 2012, 08:34AM
US stocks have reversed a three-day slide after political leaders signalled a determination to compromise to avoid sending the economy over the fiscal cliff.
Stocks opened lower on Friday but took a jump upwards as the White House opened talks with congressional leaders on closing the deficit and averting the harsh tax hikes and spending cuts slated for January 1.
At the close the Dow Jones Industrial Average was up 45.93 points (0.37 per cent) at 12,588.31.
The broad-market S&P 500 added 6.55 points (0.48 per cent) at 1359.88, while the tech-rich Nasdaq Composite shed 16.19 (0.57 per cent) at 2853.13.
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