A sign for Wall Street is seen just outside the New York Stock Exchange.(Photo: Timothy A. Clary, AFP/Getty Images)
NEW YORK, N.Y. -- There's budding optimism among traders on Wall Street that Washington's bickering politicians could soon reach an agreement on the budget and on increasing the government's borrowing limit.
Traders aren't expecting a miracle. But the pressure to end the partial government shutdown and raise the debt ceiling is climbing quickly.
As a result, stocks posted modest gains Friday. The Dow Jones industrial average closed up 76 points. The S&P 500 index rose 12 and the Nasdaq composite index gained 33 points.
Frank Davis, director of sales and trading at LEK Securities, notes that it was a positive sign that investors were buying stocks heading into a weekend, especially with how volatile the political climate in Washington has been.