US stocks open higher

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IOL wall street

US stocks are rising in early trading on Wall Street as optimism builds that a budget deal will be reached in Washington.

Later Thursday Treasury Secretary Timothy Geithner will meet with Senate Republican Leader Mitch McConnell and Senate Democratic Leader Harry Reid to push the negotiations forward.

The Dow Jones industrial average was up 50 points at 13,034 shortly after the opening bell.

The Standard & Poor's 500 index was up seven points at 1,416 and the Nasdaq composite rose 20 points to 3,012.

The Commerce Department raised its estimate for US economic growth to an annual rate of 2.7 percent in the July-through-September period.

That's much better than the 2 percent rate estimated a month ago and more than twice the 1.3 percent rate logged in the April-June quarter. - Sapa-AP


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