News Summary: Commodities Up On Budget Talks, GDP
By The Associated Press
BROAD GAINS: Most commodity prices rose as back-and-forth negotiations continued over the U.S. budget. Gold, industrial metals, oil and soybeans rose. Natural gas, wheat and corn fell.
NEWS WATCHERS: Traders hope a new budget agreement is reached before spending cuts and tax increases take effect Jan. 1. Economists believe the lack of an agreement could push the U.S. back into a recession.
ECONOMIC BUMP: Commodities also benefited from a report that said the economy grew at a faster rate than initially thought during the second quarter and from an increase in a measure of pending home sales.
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