Stocks End Higher on Hopes of Budget Deal

U.S. stocks ended higher on Friday, after the Associated Press reported House Republicans were proposing a deal that would avert default and end the 11-day-old government shutdown. Tthe Dow Jones Industrial Average rose 111.04 points, or 0.73%, to 15,237.11. The S&P 500 index added 10.64 points, or 0.63%, to 1,703.20. The Nasdaq Composite climbed 31.12 points, or 0.83%, to 3,791.87.

Barclays will provide cash-strapped Detroit with up to $350 million in debtor in possession financing in the wake of its municipal bankruptcy filing in July, Detroit’s top official said on Friday.

The U.S. Navy has selected the Raytheon Co. to provide the next-generation shipboard air and missile defense radar (AMDR) for the fleet’s long-range detection and engagement of modern aircraft and missile threats.

Teva Pharmaceutical Industries Ltd. plans to reduce its global workforce by 10%, or 5,000 employees, underscoring growing competitive pressures in the generic-drug industry.

The price of gold fell to the lowest point in three months Friday as investors pile back into stocks. Gold for December delivery lost $28.70, or 2.2 percent, to $1,268.20 an ounce Friday.

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