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

NEW YORK, N.Y. – 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 per cent, to 15,034 as of noon Thursday.

The Standard & Poor’s 500 index rose 27 points, or 1.7 per cent, to 1,684 and the Nasdaq composite rose 70 points, or 1.9 per cent, 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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