Stocks snap five-day losing streak, S&P closes shy of 1700

|By:, SA News Editor

Stocks held on to modest gains, snapping a five-day losing streak, as a bigger-than anticipated drop in jobless claims mostly overcame concerns about the budget standoff in Washington.

Some investors are pointing to signs of resilience in stocks in the face of uncertainty over budget talks and the Fed's intentions; Leuthold's Doug Ramsey is impressed with the market's breadth, noting that the Russell 2000 has gained 6.4% this month while growth-sensitive industrial, consumer discretionary and materials stocks have been the best performers.

Facebook crossed above $50 for the first time after a series of analyst upgrades and target price raises.

Treasurys closed lower after a tepid auction; the 10-year yield edged higher to 2.648%.