22:17
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NEW YORK: US stocks managed gains for a second straight week, as investors clung to a blind faith that politicians will resolve the looming fiscal cliff crunch.
The pending threat of higher capital gains and dividend taxes next year, whatever the resolution of the negotiations between Democrats and Republicans, failed to dim sentiment.
And some stocks, like Costco and Walmart, spurred higher because of it, as firms announced special dividends and moved forward regular payouts to before December 31, to avoid an expected increase in the tax rate.
The pending threat of higher capital gains and dividend taxes next year, whatever the resolution of the negotiations between Democrats and Republicans, failed to dim sentiment.
And some stocks, like Costco and Walmart, spurred higher because of it, as firms announced special dividends and moved forward regular payouts to before December 31, to avoid an expected increase in the tax rate.
Posted in: Business news
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