U.S. Markets Gain In Hopes Of Possible Budget Deal - Northern Michigan's News Leader

U.S. Markets Gain In Hopes Of Possible Budget Deal

Posted: Updated:

UPDATE: 3:30 PM 

NEW YORK (AP) -- Dow Jones industrial average increases 300 points as investors anticipate a deal to avoid default. 

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11:00 AM

NEW YORK (AP) -- The stock market is on track for its biggest gain in three months on hopeful signs that a budget impasse in Washington may break soon.

The Dow Jones industrial average jumped 202 points to 15,003 in the first hour of trading Thursday.

The Standard & Poor's 500 index rose 23 points to 1,680, and the Nasdaq composite rose 61 points to 3,739.

President Barack Obama will meet with House Republicans at the White House to break a logjam that has left the government partially shutdown for almost two weeks.

House Republicans appear ready to advance a short-term increase in the country's borrowing authority that would prevent a default on U.S. government debt next week.