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8B Daily News – Tuesday, November 20, 2012 NEWYORK (AP) — U.S. stocks shook off their post-election slump Mon- day and recorded big gains. Investors appeared more optimistic about a deal to avoid a federal budget cri- sis and were encouraged by a pair of corporate earnings reports. al average climbed as much as 187 points. Just before 3 p.m. EDT, it was up 182 points, or 1.5 percent, at 12,770. The Dow had slid 5 percent since Election Day. President Barack Obama and leaders in Con- gress are in talks to avoid going over a ''fiscal cliff'' on Jan. 1, when tax increas- es and mandatory govern- ment spending cuts are set to take effect. ''It is quite clear that The Dow Jones industri- US stocks rise on hopes for budget deal, Europe Wall Street both sides want to come to a compromise and that a reasonable compromise is available,'' said David Kelly, chief global strate- gist for J.P. Morgan Funds, in a note to clients. expect trading to remain volatile until lawmakers can convince the markets that a solution is in the works. Still, most analysts Randy Frederick, man- aging director of active trading and derivatives at the brokerage Charles Schwab, said he ''wouldn't be surprised to see this given back up in a day or two.'' The Standard & Poor's 500 index rose 24 points, or Local Businesses: children to design an ad for YOUR business! You can sponsor a whole classroom of entry. Your student-designed ad will be featured in YOU choose the winning Through a Child's Eyes • Published as a full section of The Daily News December 22 • Digital edition stays online for a full year • Top student "ad designers" receive cash prizes! For details and sponsorship reservations call your Daily News advertising representative today! 527-2151 Tuesday, November 20 DAILYNEWS Deadline to agree to sponsor: RED BLUFF TEHAMACOUNTY 1.8 percent, to 1,383. The Nasdaq composite average gained 54 to 2,907. A pair of strong corpo- rate earnings reports also boosted Wall Street. Lowe's said its third-quar- ter profit surged 76 percent. That followed a strong report from Home Depot last week. Lowe's rose $1.89, or 6 percent, to $33.87. Tyson Foods, the coun- House Speaker John Boehner and Senate Minority Leader Mitch McConnell both said they had offered higher tax rev- enue as part of a deal. Monday's rally put the Dow on track for its biggest one-day increase since Sept. 13. try's biggest meat compa- ny, beat analysts' expecta- tions for its quarterly earn- ings. Tyson rose $1.52, or 9 percent, to $18.40. Materials stocks soared, supported by the latest sign that a recovery in the hous- ing market has stabilized. The National Associa- tion of Realtors said sales of previously occupied homes in the U.S. rose in October, helped by a stronger job market and record-low mortgage rates. The pace of sales is roughly 11 per- cent higher than a year ago. Stocks fell in each of the past four weeks as traders fretted about the possibility that lawmakers will fail to prevent the spending cuts and tax increases from tak- ing effect. The indexes turned pos- Tony & Carmen Kelley 22679 Moran Road Corning, Ca 96021 530-824-2195 Fax: 530-824-0748 Complete Autobody Repair INTERCITY BODY & PAINT Factory Trained Specialists In: • Painting • Fiberglass Repair • Exotic Metals • Color Matching • Frame Repair • Spray-In Bedliners • All Auto Manufacturers • Rental Cars Available We accept all Insurance Carriers 530 529-2040 1355 Vista Way, Red Bluff The S&P 500, mean- while, is trading near a key technical level, Frederick said. For nearly two weeks, the index has closed below its 200-day average, which on Mon- day stood at 1,382. It surpassed that marker Monday afternoon. If the gain holds, Frederick said, that might signal more buying. Technical levels are historic averages and other indicators used by some traders to decide if stocks are a good value. Volume was light on the first day of a holiday-short- ened trading week. The market is closed on Thurs- day for Thanksgiving and will close early Friday. Indexes in France, Ger- itive Friday afternoon, breaking a four-day slump, amid signs that Obama and Congress were pre- pared to cede long-held bargaining positions. Over 25 years of experience The North State's premier supplier of stoves STOVE JUNCTION 20% OFF select models Tues-Sat 9am-5pm • Closed Sun & Mon Don't be left in the 5A>6! Serving Butte, Glenn & Tehama Counties 22825 Antelope Blvd., Red Bluff 530-528-2221 • Fax 530-528-2229 www.thestovejunction.com many and Britain closed up 2.5 percent or more as traders monitored Greece's quest for its latest round of bailout cash. 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