Stocks Are Making A Big Comeback On Developments Out Of Washington

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The S&P 500 is up 3.0% from last Wednesday's low.

The S&P 500 is at its high of the day after going positive this afternoon.

The index is currently trading at 1709, up 0.3%.

According to a White House official, Congressional leaders will convene with President Obama and Vice President Biden to discuss the debt ceiling and the government shutdown at 3 PM ET today.

However, the latest news is that the meeting has been postponed.

Futures traded sideways for most of the morning, but are now 23 points off the last night's lows, above Friday's closing levels.

The S&P 500 rose quickly Thursday and Friday, and despite today's setback the index is still trading up 3.0% off the government-shutdown low made Wednesday at 1646.

With no economic data releases today and a thin earnings calendar this morning, fiscal battles in Washington remain squarely in focus, and little progress was made over the weekend.

" It is getting uncomfortably close to  Thursday  when the debt-ceiling is reached," says Miller Tabak chief economic strategist Andrew Wilkinson. "With the whole world wagging their fingers at lawmakers in  Washington  over a potentially devastating sequel to the collapse of Lehman Brothers in the works, the only thing missing from the script is the appearance of aliens at the White House."

The chart below shows S&P 500 futures today.

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