US stocks soar on hopes for an end to budget impasse
NEW YORK (AP) - Stocks soared on Thursday, putting the market on track for its second-best day of the year, on news that Washington was moving closer to a deal to avert a United States government default.
The Dow Jones industrial average jumped 237 points, or 1.6 per cent, to 15,037 as of noon Eastern Daylight Time. It was the Dow’s biggest gain since January. The Standard & Poor’s 500 Index rose 28 points, or 1.7 per cent, to 1,685. Only 19 out of the 500 members of the S&P 500 were lower. The Nasdaq composite index added 72 points, or 1.9 per cent, to 3,751.
The market has been sharply higher all day. The gains accelerated after House Speaker John Boehner told reporters that the House would take up a short-term extension of the government’s borrowing authority. The proposal gives the two parties time to hammer out a broader agreement.
President Barack Obama will meet House Republicans at the White House to break a logjam that has left the government shuttered for almost two weeks.