Tuesday, 15 October 2013

US stocks close in on record as senators close in on budget deal

US stocks managed to eke out a fourth day of gains on Monday, the S&P 500 rising 0.4 percent to 1,710.14, less than 1 percent away from its record high of 1,725.52.

There is still no agreement on the budget, although US Senate Democratic and Republican leaders said on Monday that they were close to one.

Economic data elsewhere in the world on Monday also provided some cause for optimism.

In the euro area, industrial production grew 1.0 percent in August, rebounding from a 1.0 percent decline in July.

In China, new bank loans rose to 787 billion yuan in September from 711 billion yuan in August. However, total social financing aggregate, a broad measure of liquidity in the economy, was 1.40 trillion yuan in September, down from 1.57 trillion yuan the month before.

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