Stocks Rally After Conciliatory Remarks on Fiscal Cliff

November 16, 2012 12:15 PM EST
Stocks rallied Friday after Congressional leaders made conciliatory remarks following a meeting with President Obama on the fiscal cliff.

House Speaker John Boehner (R) said he outlined a "framework," and thinks a deal is possible. He said he would accept revenue increases (i.e. tax hikes) as long as they come with spending cuts.

House Democratic leader Nancy Pelosi (D) said she is confident that a solution may be in sight.

Senate GOP leader Mitch McConnell (R) said revenue can be part of the solution.

Meanwhile, Harry Reid (D) said they won't wait until the last minute to strike a deal.

After trading down over 70 points ahead of the press conference, the Dow is now up 30 points.

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