US stocks : Wall St jumps in another ''fiscal cliff'' swing
The S&P 500 rebounded from a 1 percent decline, gaining more than 20 points from its low after Boehner, an Ohio Republican, said he was optimistic that a budget deal to avoid big spending cuts and tax hikes can be worked out. President Barack Obama added to the good feelings, saying he hoped to get a deal done in the next four weeks.
Whether or not those remarks reflect the reality of negotiations is another story.
"The fiscal cliff is dominating the discussion, and short term, we're a little bit too optimistic on it being fixed right away," said John Manley, chief equity strategist for Wells Fargo Advantage Funds in New York.
In expectation of higher dividend tax rates in 2013, companies have been shifting dividends or announcing special payouts to shareholders.
Costco Wholesale Corp, up 6.3 percent at $102.58, was the S&P 500's biggest percentage gainer after it became the latest company to announce a special dividend.
The market's move marked the second straight day where a leading legislator dictated trading action. On Tuesday, stocks fell on pessimistic remarks from Senate Majority Leader Harry Reid, a Democrat from Nevada.
The market has been swinging for weeks now on headlines from Washington, with Wednesday's gyrations once again highlighting the importance that Wall Street is giving to finding a solution to avoid the series of
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