Global stocks advance on Boehner comments

US stocks pared some gains today after top Republican lawmaker John Boehner said there had been no substantive progress in the last two weeks in talks to reach a budget deal.

The Dow Jones industrial average was up 48.09 points, or 0.37 percent, at 13,033.20. The Standard & Poor's 500 Index was up 7.03 points, or 0.50 percent, at 1,416.96. The Nasdaq Composite Index was up 19.50 points, or 0.65 percent, at 3,011.28.

A leading European share index hit its highest closing level since July 2011, led by mining stocks, on increased optimism that US politicians would reach a deal to avoid growth-sapping austerity measures.

The pan-European FTSEurofirst 300 index ended up 1.1 percent at 1,121.83, while the euro zone's blue-chip Euro STOXX 50 index gained 1.4 percent to 2,581.69 points, in its highest close since mid-September.