The US markets reversed early losses to finish near session highs following positive comments from President Barack Obama and speaker John Boehner on the fiscal cliff issue. The CBOE volatility index ended below 16.
Warren Buffet, CEO of Berkshire Hathaway expects US policymakers to reach a consensus over the fiscal cliff. However, he doesn't see a deal being reached before December 31.
Dow Jones Industrial Average rose 0.83% or 106.98 points at 12985.11. Nasdaq Composite added 0.81% or 23.99 points at 2991.78. Standard & Poor's 500 gained 0.79% or 10.99 points at 1409.93.
In key data to watch out for in the US today, GDP for the third quarter is expected to grow 2.8%, while weekly jobless claims are seen declining to 390,000. Pending home sales index may rise 1% for October.
In the currency space, the euro slips versus the dollar on worries about how a deal on Greek debt would be implemented. The dollar index at around 80.30 levels.
In commodities, Brent crude prices remain below USD 109 levels hit by expectations fuel demand will remain weak next year even if the US congress reaches a deal to avoid the looming "fiscal cliff”.
From the precious metals space, gold slips 1.5 percent to USD 1722 levels.
READ MORE ON US markets, Wall Street, Dow Jones Industrial Average, Nasdaq Composite, Standard & Poor's 500
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