US stocks rise on hope for progress on fiscal cliff

US stocks snapped a three-day losing streak Friday after political leaders signaled a determination to compromise to avoid sending the economy over the fiscal cliff.

Shares opened lower 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.

The Dow Jones Industrial Average finished up 45.93 points (0.37 percent) at 12,588.31.

The broad-market S&P 500 added 6.55 points (0.48 percent) at 1,359.88, while the tech-rich Nasdaq Composite shed 16.19 (0.57 percent) at 2,853.13.

President Barack Obama met with congressional leaders from the Democratic and Republican parties to open crunch talks on pulling back from the fiscal cliff, with both sides stressing a willingness to find common ground and craft a long-term deficit reduction plan.

"There is no more, 'let's do it some other time,'" said Senate Democratic leader Harry Reid. "This isn't something we're going to wait until the last day of December to get it done."

"Markets, which have fallen very quickly, want to believe in an agreement" on the cliff, said Gregori Volokhine of Meeschaert New York.

Dell shares plunged 7.5 percent to $8.84, the computer maker falling close to its 2009 post-crash low on weaker-than-expected results for the third quarter.

The company's numbers continued to show signs of assault from the boom in tablets, with third-quarter profit sliding 47 percent from a year ago.

But Dell claimed its new strategy emphasizing software and cloud computing was paying off.

Dell rival Hewlett-Packard meanwhile lost 1.8 percent.

Apple shares, on a slide since September, fell nearly four percent in early trade before rebounding for a 0.4 percent gain at $527.68.

Bond prices were little-changed.

The 10-year US Treasury yield slipped to 1.57 percent from 1.59 percent Thursday, while the 30-year rose was flat at 2.72 percent.

Bond prices and yields move inversely.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2582+0.0027+0.22%
    USDSGD=X
    1.7397+0.0049+0.28%
    EURSGD=X
    2.1136+0.007+0.33%
    GBPSGD=X
    81.3282-0.3456-0.42%
    SGDJPY=X
    6.1627-0.013-0.21%
    SGDHKD=X
    2.5982-0.0029-0.11%
    SGDMYR=X
    9,255.6172-44.0674-0.47%
    SGDIDR=X
    4.9667-0.002-0.04%
    SGDCNY=X
    1.1650-0.001-0.08%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,291.70+7.10+0.55%
    GCM14.CMX
    19.69+0.25+1.30%
    SIK14.CMX
    91.68-1.20-1.29%
    ^XAU
    3.12+0.06+1.91%
    HGK14.CMX
    101.90+0.46+0.45%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.74+0.03
    ^FVX
    2.690.00
    ^TNX
    3.460.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.123+0.001+0.82%
    B22.SI
    0.15+0.008+5.63%
    545.SI
    0.635+0.040+6.72%
    5WH.SI
    0.615+0.005+0.82%
    E5H.SI
    1.355+0.005+0.37%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    20.00+4.200+26.58%
    K6S.SI
    1.215+0.190+18.54%
    S53.SI
    0.415+0.045+12.16%
    570.SI
    1.345+0.130+10.70%
    5DA.SI
    0.154+0.014+10.00%
    5GD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.053-0.059-52.68%
    5TF.SI
    1.62-0.520-24.30%
    N02.SI
    0.20-0.020-9.09%
    E94.SI
    0.179-0.013-6.77%
    567.SI
    0.30-0.020-6.25%
    508.SI