Stocks are mostly higher as debt impasse ends

Stock market mostly rises after Washington breaks impasse, avoids default; IBM weighs on Dow

Associated Press
US stock market reaches all-time high
.

View photo

Trader Gordon Charlop, center, works on the floor of the New York Stock Exchange Tuesday, Oct. 15, 2013. An eleventh hour agreement that averted a U.S. government debt default boosted Asian stock markets Thursday Oct. 17, 2013. European markets, which rallied the day before in anticipation of a deal, were down. (AP Photo/Richard Drew)

NEW YORK (AP) -- The stock market is mostly higher in midday trading after Washington reached a last-minute deal to avoid a U.S. default and reopen the government.

The Standard & Poor's 500 index rose five points, or 0.3 percent, to 1,726 at noon Thursday, a point above its record closing high of 1,725 reached Sept. 18.

The Dow Jones industrial average was dragged lower by poor quarterly results at IBM and other members of the 30-stock index including Goldman Sachs and UnitedHealth.

The Dow lost 49 points, or 0.3 percent, to 15,324.

The Nasdaq rose 12 points, or 0.3 percent, to 3,851.

Yields on U.S. government debt declined as investors were relieved that Washington averted a default.

Verizon rose $1.56, or 3 percent, to $48.82 after its income jumped 40 percent.

View Comments