Dow rose on optimism over US budget

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Source: Dukascopy Bank SA
© Scanpix/AFP
US blue chips moved higher on Friday on hopes that the US will manage to avert fiscal cliff. US lawmakers announced that they believe they will agree on tax increases and automatic budget cuts due to come in force on January 1. However, an unexpected decline in the US industrial production and persistent worries over Greek bailout weighted down on the US blue chips index. The Dow Jones Industrial Average Index gained 0.37% to end the week at 12,588.31. Eight out of nine sectors included in the index surged. Financials posted the biggest gains. American Express and Bank of America climbed 1.23% and 0.22%. Meanwhile, JPMorgan Chase advanced 0.36% after settling the claim of the federal regulators regarding disclosures in residential mortgage-backed securities. The company will pay penalties of USD300 million. Capping the upswing of Dow, telecommunications dropped 0.75%. AT&T and Verizon Communications shed 0.78% and 0.72%.


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