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Stocks jump on hopes for an end to budget impasse

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October 10, 2013 10:45 AM EST | AP


NEW YORK — 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, or 1.4 percent, to 15,003 in the first hour of trading Thursday.

The Standard & Poor's 500 index rose 23 points, or 1.4 percent, to 1,680 and the Nasdaq composite rose 61 points, or 1.7 percent, to 3,739.

President Barack Obama will meet with House Republicans at the White House to break a logjam that has left the government shuttered 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.