Stocks extended gains into a second session, rising on signs of progress in reaching an accord to avoid steep spending cuts and tax increases next year. Hopes for a budget deal were lifted after President Barack Obama reportedly cut his tax-revenue demand to start tax-rate hikes at $400,000 in income instead of $250,000. Also, the National Association of Home Builders/Wells Fargo Housing Market Index in December rose to the highest level in more than six years. Apple climbed 2.9%, even though a U.S. District Court judge on Monday denied Apple’s request for a permanent injunction against Samsung Electronics’ smartphones. Amazon.com rose by 2.6% after RBC Capital Markets raised its price target on the stock to $300 a share from $250, saying in a research note that Amazon’s investments in order-fulfillment centers may slow down in 2013 and lead to more profits. Hewlett-Packard rose 2.3% after Topeka Capital cut its rating on H-P to sell from hold, citing the co. “is becoming a less relevant force in the IT world.” Research In Motion slid 1.5% after Toronto-based National Bank cut its rating on the stock to sector perform. Oracle advanced 1.73% in heavy volume late Tuesday after the co.’s quarterly results surpassed analyst’s projections.
