Stock market surges as Washington moves closer to avoiding a US debt default

10/10/2013
ASSOCIATED PRESS
Wall-Street-Premarket-182

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)

ASSOCIATED PRESS

NEW YORK — The stock market is closing sharply higher as Washington moves closer to avoiding a default on the U.S. government’s debt.

The market had its best day since January 2.

The Dow Jones industrial average jumped 323 points to end at 15,126. The Standard & Poor’s 500 index rose 36 points to close at 1,692 today. The Nasdaq composite rose 82 points to 3,760.

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 have been dragging the stock market lower for three weeks.