By: JeeYeon Park
CNBC.com Writer
CNBC.com Writer
Stocks
reversed early losses to finish near session highs Wednesday following
positive comments from President Barack Obama and Speaker John Boehner
on the “fiscal cliff” issue.
The Dow Jones Industrial Average jumped 106.98 points, or 0.83 percent, to end at 12,985.11, led by Hewlett-Packard [HPQ
12.73
0.37
(+2.99%)
] and Chevron [CVX
105.58
2.20
(+2.13%)
], reversing its earlier triple-digit loss.
0.37
(+2.99%)
] and Chevron [CVX
105.58
2.20
(+2.13%)
], reversing its earlier triple-digit loss.
The S&P 500 advanced 10.99 points, or 0.79 percent, to finish at 1,409.93. The Nasdaq rallied 23.99 points, or 0.81 percent, to close at 2,991.78.
"My hope is to get this agreement done before Christmas," said Obama at a White House event addressing middle-class Americans, helping to add further fuel to the rally.
In
addition, Boehner said while he is still opposed to raising U.S. income
tax rates, Republicans are willing to put revenue on the table if
accompanied by spending cuts.
And
former White House chief of staff Erskine Bowles said the White House
will not insist that tax rates on upper-income Americans increase all
the way back to the Clinton-era level, following meetings he had with
Obama, Treasury Secretary Tim Geithner and other negotiators.
Stocks
flip-flopped in the past two sessions as investors reacted to every
headline from lawmakers in Washington. Wall Street lost ground in the
last hour of trade on Tuesday after Senate majority leader
Obama hosted another summit with business leaders at the White House to discuss the country’s fiscal problems.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, ended below 16.
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