NEW YORK (MarketWatch)
U.S. stocks extended gains into a second session Tuesday, rising on signs of progress on Capitol Hill in reaching an accord to avoid steep spending cuts and tax increases next year
"The biggest tax being levied on the American people right now is the uncertainty tax, and President Obama and House Republicans now have the opportunity to lower it considerably," said David Kelly, chief market strategist at J.P. Morgan Funds
The Dow Jones Industrial Average rose 115.57 points, or 0.9%, to 13,350.96
The S&P 500 index advanced 16.43 points, or 1.2%, to 1,446.79
The Nasdaq Composite added 43.93 points, or 1.5%, to 3,054.53
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LOS ANGELES (MarketWatch)
Crude-oil supplies fell by 4.1 million barrels for the week ended Dec. 14, according to a report from the American Petroleum Institute late Tuesday. Gasoline inventories rose by 4.2 million barrels and distillate stocks fell by 1.9 million barrels, the report from the trade group said. The API data came ahead of the more closely watched U.S. Energy Information Administration report due Wednesday. Analysts polled by Platts expect a 2.3 million-barrel decline in crude-oil supplies. They forecast a rise of 2 million barrels in gasoline inventories and a climb of 1.5 million barrels in distillate supplies.
Ahead of the API data, January crude rose 73 cents, or 0.8%, to settle at $87.93 a barrel.
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