January 18, 2013-Markets Close Higher on US Budget Talks

After showing a lack of direction for much of the session, stocks ended Friday's trading mostly higher. The markets benefited from late-day buying interest that lifted the Dow and the S&P 500 to five-year closing highs. The Dow ended the day up 53.68 points or 0.4 percent at 13,649.70, and the S&P 500 climbed 5.04 points or 0.3 percent to 1,485.98. While the Nasdaq also moved to the upside in late-day trading, the tech-heavy index finished the day down 1.29 points or less than a tenth of a percent at 3,134.71. For the week, the Nasdaq edged up by 0.3 percent, while the Dow and the S&P 500 rose by 1.2 percent and 0.9 percent, respectively. The late-day strength on Wall Street was partly due to a positive reaction to the latest news about the impending showdown over the U.S. debt limit. House Republican leaders indicated they will hold a vote to authorize a three-month temporary debt limit increase to give lawmakers time to pass a budget that reduces spending.