Stocks soar on Washington moves to end impasse

Associated Press
Trader Kevin Lodewick, right, works on the floor of the New York Stock Exchange Wednesday, Oct. 9, 2013. Global stock markets were mostly higher Thursday Oct. 10, 2013 as President Barack Obama prepares to meet with top Republican leaders in hopes of ending an impasse over the nation's borrowing limit and resolving budget disagreements that have led to a partial shutdown of the federal government. (AP Photo/Richard Drew)
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NEW YORK (AP) — The stock market is surging as Washington moves closer to avoiding a default on the U.S. government's debt.

The market is on track for its biggest gain since January.

The Dow Jones industrial average jumped 230 points, or 1.6 percent, to 15,034 as of noon Thursday.

The Standard & Poor's 500 index rose 27 points, or 1.7 percent, to 1,684 and the Nasdaq composite rose 70 points, or 1.9 percent, to 3,748.

House Republicans said they would advance legislation to temporarily extend the government's borrowing authority so it can continue to pay its bills on time. The prospect of an unprecedented default on the U.S. government's debt and a partial shutdown of the government has been dragging the stock market lower for three weeks.

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