Wall St. ends up on hopes of a D.C. debt solution
Buyers on Friday were motivated by the chance an agreement could come over the weekend. The Senate is expected to vote over the weekend on extending the federal debt limit through January 2015.
The Dow Jones industrial average was up 111.04 points, or 0.73 percent, at 15,237.11. The Standard & Poor’s 500 Index was up 10.63 points, or 0.63 percent, at 1,703.19. The Nasdaq Composite Index was up 31.13 points, or 0.83 percent, at 3,791.87.
Wells Fargo & Co, the biggest U.S. mortgage lender, reported a 13 percent rise in third-quarter profit, but its mortgage banking income fell sharply as the refinancing boom began to fade. Wells Fargo shares also ended flat at $41.43.
The Thomson Reuters/University of Michigan index of consumer sentiment fell in October to its weakest in nine months and was below expectations.
Both on the NYSE and the Nasdaq, advancing stocks outnumbered declining ones by a ratio of about 3 to 1.
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