October 16, 2013 / 1:39 PM / 4 years ago

US STOCKS SNAPSHOT-Wall Street up on Washington deal optimism

1 Min Read

NEW YORK, Oct 16 (Reuters) - U.S. stocks opened higher on Wednesday on optimism that U.S. politicians would strike a last-minute deal to prevent the country from defaulting on its debt, an event that could roil markets and economies worldwide.

The Dow Jones industrial average rose 87.98 points, or 0.58 percent, to 15,255.99, the S&P 500 gained 10.16 points, or 0.6 percent, to 1,708.22 and the Nasdaq Composite added 23.882 points, or 0.63 percent, to 3,817.892.

Despite the upbeat sentiment in the equities market, yields on U.S. Treasury securities due this month surged and the cost of borrowing against Treasuries in the repurchase agreement market rose as investors fretted about gridlock in Washington.

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