European markets wavered Monday, but U.S. exchanges climbed in afternoon trading as optimism grew over U.S. debt-ceiling negotiations. "We believe this foolish game of chicken shows Washington lawmakers have a naive sense of the economy and global markets," said Craig Johnson, Piper Jaffray's technical market strategist, who added nonetheless that he believes "neither party in Washington is foolish enough to let the U.S. default on its debt."

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