Wall Street lifted by US fiscal cliff hopes

Progress in the fiscal cliff talks being held in Washington has given Wall Street a lift as the threat of a possible recession is averted.

Positive comments from US House Speaker John Boehner, who indicated a deal could be reached, boosted investor sentiment and led the S&P 500 to its highest level in three weeks. The index rose by 0.5% to 1,417 while the Nasdaq was up 0.37% to 2,675. The US reported the second reading of its third quarter GDP today, which saw economic growth for the quarter revised up from 2% to 2.7%. London's blue chip index was also higher this afternoon, with miners leading the FTSE up 1.29% to 5,869 in late afternoon trading. In Europe, the yield on Italy's 10-year bonds fell to the lowest in...