“The mood was buoyed by a report in The Wall Street Journal that budget negotiations between the White House and House Speaker John Boehner have made steady progress in recent days,” Lesova and Gibson report. “Addressing the U.S. House of Representatives Tuesday, Boehner said he was “hopeful” an accord would be reached. The Ohio Republican also said his party was waiting for President Barack Obama to outline specific spending cuts.”
“‘It’ll probably go to the last second, and there’s a decent chance we go over the cliff, and it will be spring before this is resolved. There is a high risk Obama and Boehner agree in principle to a deal and Congress doesn’t approve it,’ said Harris. The technology sector led the market higher, with Apple Inc. and Texas Instruments Inc. posting particularly strong gains,” Lesova and Gibson report. “Apple’s shares gained [over 3%]. ISI Group cited China Unicom’s announcement of more than 300,000 preorders for the iPhone 5 set to go on sale Friday. China Unicom is China’s second-largest wireless carrier.”
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