NEW YORK (AP) — One market strategist says it looks like "cooler heads are prevailing" in Washington. And Wall Street breathed a sigh of relief today that lifted the Dow by more than 300 points.
The surge came after Republican leaders and President Barack Obama seemed willing to end a standoff that had threatened to leave the country unable to pay its bills. The news ended three weeks of pessimism on Wall Street.
Joseph Tanious, a global market strategist for J.P. Morgan Asset Management, says lawmakers are -- in his words -- "coming to terms with how calamitous it would be" if there's no increase in the debt ceiling.
With some additional advances in the closing minutes, the Dow finished the day with a gain of 323 points, or 2.2 percent. The S&P 500 rose 36 points, and the Nasdaq composite gained 83 points.
Brian Reynolds, chief market strategist at Rosenblatt Securities, says there's no need for a "grand bargain" in Washington. He says, "We just need to avoid a default." And he asks that lawmakers "don't bring us to the edge again."
248-a-14-(Jonathan Corpina, senior managing partner, Meridian Equity Partners, in AP interview)-"is positive news"-Stock trader Jonathan Corpina at Meridian Equity Partners says the news out of Washington has been keeping prices down. (10 Oct 2013)
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246-v-30-(Warren Levinson, AP correspondent)--The promise of a debt ceiling deal sent stock prices soaring. AP correspondent Warren Levinson reports. (10 Oct 2013)
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APPHOTO NYRD105: Traders John Panin, left, and Andrew O'Connor work on the floor of the New York Stock Exchange, Thursday, Oct. 10, 2013. Stocks are rising sharply in early trading on Wall Street following hopeful signs that a budget impasse in Washington may break soon. (AP Photo/Richard Drew) (10 Oct 2013)
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