Wall Street rallies on signs of "cliff" progress


Stocks extended gains, with the Nasdaq up 1 percent on Monday on news that the majority of Senate Republicans are expected to support a tentative deal on the "fiscal cliff."

The market also got a lift from news that President Barack Obama will make a statement on the fiscal cliff at 1:30 p.m. EST at an event with "middle-class Americans," the White House said.

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The Dow Jones industrial average was up 82.99 points, or 0.64 percent, at 13,021.10. The Standard & Poor's 500 Index was up 12.66 points, or 0.90 percent, at 1,415.09. The Nasdaq Composite Index was up 37.11 points, or 1.25 percent, at 2,997.43.

(Reporting by Angela Moon; Editing by Jan Paschal)