NEW YORK ( TheStreet) -- The major U.S. stock averages surged Wednesday on fresh hopes that the Democrats and Republicans will be able to work out a compromise during U.S. budget talks and avoid the fiscal cliff.
Both President Barack Obama and House Speaker John Boehner made positive statements about the progress being made on Capitol Hill.
The Dow Jones Industrial Average rose nearly 107 points, or 0.83%, to close at 12,985, after having been down by more than 100 points earlier in the session. The blue-chip index, which ended a two-day losing streak, is now up 6.3% so far in 2012.
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