Stocks gain on hopes for a deal to avoid ‘cliff’

Stocks gained on signs that lawmakers are edging toward a deal that would help the U.S. avoid the “fiscal cliff.” Indexes shrugged off an early loss and rose in afternoon trading Wednesday. The Dow Jones industrial average closed up 106.98 points at 12,985.11. It had been down as much as 112 points in early trading. The Standard and Poor’s 500 was up 10.99 points at 1,409.93. The Nasdaq composite rose 23.99 points to at 2,991.78.

By: By Steve Rothwell, Associated Press, The Jamestown Sun