Stocks surge as Washington closes in on debt deal

AP News
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Posted: Oct 16, 2013 11:12 AM
Stocks surge as Washington closes in on debt deal

NEW YORK (AP) — Stocks are surging on Wall Street as Washington closes in on a deal to avoid a default by the U.S. government.

The Dow Jones industrial average spiked 200 points, or 1.3 percent, to 15,370 in late morning trading shortly after news that Senate leaders reached an agreement to avert a default.

The bill must still pass the House of Representatives as well as the Senate.

The deal would also reopen the government after a partial 16-day shutdown.