NEW YORK ( TheStreet) -- A weak reading on consumer sentiment and unresolved debt issues in the U.S. put a lid on stock gains even as strong earnings from Google (GOOG) kept the Nasdaq firmly in positive territory.
The Dow Jones Industrial Average finished up 43 points, or 0.3%, at 12,479. The S&P 500 climbed higher by 7 points, or 0.6%, to 1316, and the Nasdaq gained 27 points, or 1%, to 2790.
Investors were cautious given that lawmakers indicated that answers surrounding the debt ceiling would not come until next week at the earliest. House Republican Leader Eric Cantor said the House will vote on a bill that would raise the debt ceiling by $2.4 trillion, cut spending and possibly balance the budget. However, the bill is expected to die in a Democrat-led Senate after GOP approval.
Cantor's comments came this morning after Standard & Poor's raised the pressure on Washington by warning that it could cut its rating on U.S. government debt before the U.S. actually defaults on some of its financial obligations. The U.S. Treasury has estimated that the government has until Aug. 2 before it faces default.President Barack Obama warned that failing to raise the government's borrowing limit would push up interest rates, effectively creating a tax increase for everyone.
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