News Summary: Stocks surge as lawmakers near deal

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Posted: Wednesday, October 16, 2013 12:00 am

(AP) - A DEAL FOR NOW: Stocks surged, pushing the Standard & Poor's 500 close to its record, after the Senate agreed to a deal that would end a 16 day-old government shutdown and avert the threat of a U.S. government default.

BACK TO BASICS: A deal would allow investors to turn their focus back to the fundamentals of stock investing, looking at the economy and company earnings.

POWER-TOOL OUTAGE: Stanley Black & Decker plunged $12.76, or 14.3 percent, to $76.75 after the tool company lowered its profit forecast for the year, citing slower growth in emerging markets and a hit from the U.S. government shutdown.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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