Stocks Rally to Yearly Gains
U.S. stocks on Monday rallied to yearly gains, signaling that investors believe the politicians in Washington will work out a budget compromise to avoid the “fiscal cliff.”. The Dow Jones Industrial Average on Monday added 166.03 points, or 1.28%, to 13,104.14. The S&P 500 index climbed 23.76 points, or 1.69%, to 1,426.19, leaving it up 13% for 2012. The Nasdaq Composite climbed 59.20 points, or 2.00%, to 3,019.51, rising almost 16% for the year.
The United States looked on track to tumble over the “fiscal cliff” at midnight on Monday, at least for a day, as lawmakers remained reluctant to back last-minute efforts by Senate leaders to avert severe tax increases and spending cuts.
Crude-oil futures climbed Monday as investors eyed the possibility that U.S. lawmakers will reach a budget deal. Crude for February delivery rose $1, or 1.1%, to settle at $91.82 a barrel on the New York Mercantile Exchange.
The dollar rose against most currencies on Monday in thin trading. The dollar index was up 0.1 percent at 79.787 .DXY in early afternoon trading. It was down 0.5 percent this year, falling after two straight years of gains.
Irving Azoff, chairman of Live Nation Entertainment and no. 1 on Billboard’s Power 100 list earlier this year, will leave the company effective immediately, Billboard has confirmed.