State and Nation Business

U.S. stocks turn higher on hopes for debt talks

In this Wednesday, Oct. 9, 2013 photo, trader Frank O'Connell, right, works, on the floor of the New York Stock Exchange. U.S. futures are down sharply, Monday, Oct. 14, 2013, as the nation heads into the third week of a partial government shutdown.
In this Wednesday, Oct. 9, 2013 photo, trader Frank O'Connell, right, works, on the floor of the New York Stock Exchange. U.S. futures are down sharply, Monday, Oct. 14, 2013, as the nation heads into the third week of a partial government shutdown.

NEW YORK (AP) — Stocks are ending higher following signs that Washington was moving closer to an agreement to avoid a debt default and re-open the federal government.

The stock market started lower Monday after negotiations between the White House and Congressional Republicans appeared to break down over the weekend.

Stocks erased those losses in early afternoon trading after Senate leaders said they were making progress toward a deal.

The Dow Jones industrial average rose 64 points, or 0.4 percent, to close at 15,301. The index was down as much as 100 points earlier.

The Standard & Poor's 500 rose seven points, or 0.4 percent, to 1,710. The Nasdaq composite rose 23 points, or 0.6 percent, to 3,815.

Bond trading was closed for Columbus Day.

Trading volume was very light at 2.6 billion shares.

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