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US futures moving higher as budget talks proceed

Associated Press Modified: November 29, 2012 at 8:45 am •  Published: November 29, 2012

NEW YORK (AP) — U.S. stock futures rose Thursday on optimism over a deal on the U.S. budget and ahead of a high-level meeting between the Treasury chief and Senate leaders.

Dow Jones industrial futures rose 64 points to 13,021. The broader S&P futures added 7.5 points to 1,414.60. Nasdaq futures gained 17.25 points to 2,677.75.

The Commerce Department raised its economic growth estimate for July through September. Gross domestic product grew at a 2.7 percent annual rate in the third quarter, much better than the 2 percent rate estimated a month ago and more than twice the 1.3 percent rate logged in the April-June quarter.

Growth during the current quarter is likely to take a hit from the disruptions caused by Superstorm Sandy, however, as well as the budget battle going on right now in Washington. Economists believe growth is slowing to a rate below 2 percent in the current October-December quarter.

There has been movement toward an agreement in order to avoid the so-called fiscal cliff, a series of tax increases and spending cuts that would land simultaneously in January if no deal is reached.

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