US stocks closed higher on budget hopes

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Source: Dukascopy Bank SA
© Scanpix/Reuters
US equities ended the week on the positive note, restricting weekly losses, amid progress in the US budget talks. US lawmakers from both sides expressed confidence they will reach a compromise over proposed tax increases and spending cuts due to start on January 1. However, an unexpected drop in the US industrial production last month capped gains. The S&P 500 index added 0.48% to close at 1,359.88. All but one sector within the index advanced. The top-performers were utilities and consumer goods. American Electric Power and CenterPoint Energy rose 1.37% and 2.35%, while Amazon.com and AutoZone climbed 2.1% and 2.07%. Oil and gas companies jumped 0.32% as crude oil prices soared on geopolitical tensions in the Middle East. Cabot Oil & Gas and Baker Hughes surged 0.69% and 0.9%. At the same time, telecommunications retreated, with Centurylink and Frontier Communications falling 0.48% and 1.38%. Meanwhile, J.M. Smucker lost 1.78% after reporting quarterly results that missed the Wall Street estimates.
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