18 min.
Stocks are opening slightly higher on Wall Street as both sides make concessions in budget talks in Washington.?
The Dow Jones industrial average rose 17 points to 13,252 shortly after the opening bell Tuesday. The Dow rose 100 points the day before.?
The Standard & Poor's 500 index rose two points to 1,432,?extending a rally that lifted the S&P 500 to its highest in nearly two months. The Nasdaq composite rose 10 to 3,020.?
President Barack Obama offered to raise the income level at which higher tax rates would kick in and lowered his 10-year goal for increasing tax revenue. That followed an offer from House Speaker John Boehner to raise taxes on the wealthy.?
Investors have been reluctant to make big bets in the face of uncertainty over the cliff, a combination of steep tax hikes and spending cuts that could hurt the U.S. economy if they take effect next year.?
But hopes for a deal grew Monday night as Obama made a counter-offer to Republicans that included a major change in position on tax hikes for the wealthy, according to a source familiar with the talks.?
The report followed a meeting between Obama and Boehner, who has edged closer to Obama's position by proposing higher taxes on those who earn $1 million or more and extending lower tax rates for everyone else.?
Many investors fear that going over the fiscal cliff could push the U.S. economy back into recession.?
"Neither side appears to be digging in their heels so much, and that increases the optimism there might be a deal," said Oliver Pursche, president of Gary Goldberg Financial Services in Suffern, New York. "Political risks have been the main thing suppressing market gains, so if those abate we could see a rally that is significant."?
Arbitron surged 24 percent to $47.31 in premarket trading after Nielsen Holdings agreed to buy the media and marketing research firm in a deal worth $1.26 billion. Nielsen rose 3 percent to $30.50 before the bell.?
The Associated Press and Reuters contributed to this report.?
Source: http://www.nbcnews.com/business/stocks-open-higher-budget-talks-move-ahead-1C7660226
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