Stocks jump on hopes for an end to budget impasse

US stocks rise sharply with House GOP leaders heading to the White House for budget talks

Associated Press
Wall Street exhales as threat of US default eases
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Trader Kevin Lodewick, right, works on the floor of the New York Stock Exchange Wednesday, Oct. 9, 2013. Global stock markets were mostly higher Thursday Oct. 10, 2013 as President Barack Obama prepares to meet with top Republican leaders in hopes of ending an impasse over the nation's borrowing limit and resolving budget disagreements that have led to a partial shutdown of the federal government. (AP Photo/Richard Drew)

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.

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