Oct 10, 2013 10:08 PM by Connie Murphy

Stocks surge on hopes of avoiding default

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 prospect of an unprecedented default on the U.S. government's debt and a partial shutdown of the government have been dragging the stock market lower for three weeks.

The S&P 500 rose 36 points today, and the Nasdaq composite gained 82 points.


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