New York, NY (AP) - Stocks are closing higher and bonds are falling
sharply investors react to a deal in Washington to extend tax cuts
for two years.
The compromise reached by President Barack Obama and
Congressional Republicans is expected to boost economic growth but
also increase the budget deficit.
The yield on the 10-year Treasury rose to 3.24 percent
Wednesday, the highest level since June.
According to preliminary calculations, the Dow Jones industrial
average is up 13, or 0.1 percent, to 11,372.
The S&P 500 is up 5, or 0.4 percent, to 1,228. The Nasdaq
composite index is up 11, or 0.4 percent, to 2,609.
Two shares fell for every one that rose on the New York Stock
Exchange. Trading volume came to 1.1 billion shares.
(Copyright 2010 by The Associated Press. All Rights Reserved.)