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The Dow Now: All but Two Dow Stocks in the Green

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Intel and 3M led gainers.

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MINYANVILLE ORIGINAL US equities continued their upwards progress in mid-Tuesday trading amid renewed optimism that a deal to avoid the fiscal cliff could be reached in time.

Citing sources close to the matter, the Wall Street Journal reported that budget negotiations between President Obama and House Speaker John Boehner have made progress in the past few days. The paper notes that the fact that both parties have kept mum on the details of the talks indicates real progress is being made.

Investors are also optimistic after Bloomberg reported that economists expect the Federal Reserve to announce a new round of Treasury securities purchases tomorrow to replace the Operation Twist stimulus program at the end of the two-day Federal Open Market Committee meeting.

The Dow Jones Industrial Average (INDEXDJX:.DJI) was up 0.85% to 13,282.18 points as of 12:01 p.m. EST.

Intel (NASDAQ:INTC) was the largest Dow gainer on the day, rising 2.44% to $20.57 amidst a broader tech rally. Texas Instrument (NASDAQ:TXN) also jumped 3.59% to $30.89. Earlier, Intel introduced a new system of making chips for mobile devices that the company said would create faster and smaller transistors, thus improving Intel's competitiveness in the mobile sector.

Ahead of the company's 2013 outlook conference call tomorrow, 3M (NYSE:MMM) also advanced 1.99% to $93.70, with investors expecting bullish projections from the company.

Dow financials edged up as well, with Bank of America (NYSE:BAC) (+1.23% to $10.70), JPMorgan (NYSE:JPM) (+1.35% to $42.88), and American Express (NYSE:AXP) (+1.16% to $57.41) advancing on the day. The bellwether Financial Select Sector SPDR ETF (NYSEARCA:XLF), which tracks all financial stocks in the S&P 500, was up 0.69% to $16.10.

Hewlett-Packard (NYSE:HPQ) (+0.56% to $14.24) and Microsoft (NASDAQ:MSFT) (+1.45% to $27.33) also rallied.

Only two of the 30 Dow components were not in the green in intraday trading, with McDonald's (NYSE:MCD) easing 0.30% to $89.14 and Travelers (NYSE:TRV) staying flat at $73.34.

Twitter: @sterlingwong
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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