Budget Talks Progress, Stocks Move Higher

NEW YORK (December 17, 2012)--Stocks closed higher Monday on Wall Street as Washington moved closer to a budget deal.

The Dow Jones industrial average rose 100 points to close at 13,235 Monday, near its highest point of the day.

The Standard & Poor's 500 index rose 17 points to end the day at 1,430.

The Nasdaq composite rose 39 points to close at 3,011.

In Washington, House Speaker John Boehner met Monday at the White House with President Barack Obama after Boehner made concessions on increasing tax rates for the wealthy.

Banks had some of the biggest gains after a brokerage raised its target price for Citigroup.

Bank of America also rose.

Rising stocks outnumbered falling ones two to one on the New York Stock Exchange where volume was 3.3 billion shares, below the recent average.

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