The market started lower Friday but spiked higher shortly before midday as the top members of the House and Senate spoke at the White House following a closed-door session with Obama. House Speaker John Boehner and Senate Minority Leader Mitch McConnell both said they offered higher tax revenue as part of a deal. Boehner said he outlined a framework that is consistent with Obama’s call for a “balanced” approach of both higher revenue and spending cuts.
“It’s a good start ... the fact that they were all standing together,” said Ben Schwartz, the chief market strategist at Lightspeed Financial, a New York-based broker.
The Dow Jones industrial average closed up 45.93 points, or 0.4 percent, at 12,588.31, after falling as much as 71 points at mid-morning. The Standard & Poor’s 500 index rose 6.55 points, or 0.5 percent, to 1,359.88 and the Nasdaq rose 16.19 points, or 0.6 percent to 2,853.13.