U.S. Stocks Gain on Budget Optimism; Oil, Gasoline Fall
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U.S. stocks rose amid optimism lawmakers will reach a budget agreement before the end of the year to avoid automatic spending cuts and tax increases. Treasuries climbed and the Dollar Index halted its longest slump in more than a year. Oil and gasoline slid on supply data.
The Standard & Poor’s 500 Index added 0.2 percent to 1,409.28 at 4 p.m. in New York after earlier slumping as much as 0.6 percent. Ten-year U.S. note yields lost one basis point to 1.59 percent and the Dollar Index increased 0.2 percent after declining for five days. Spain’s bonds extended losses after the government missed a maximum sales target at a debt sale.