Stocks surge as Washington closes in on debt deal

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Trader Gregory Rowe, left, and specialist Anthony Rinaldi work on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)

Trader Gregory Rowe, left, and specialist Anthony Rinaldi work on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)

NEW YORK (AP) — Stocks are surging on Wall Street as Washington closes in on a deal to avoid a default by the U.S. government.

The Dow Jones industrial average spiked 200 points, or 1.3 percent, to 15,370 in late morning trading shortly after news that Senate leaders reached an agreement to avert a default.

The bill must still pass the House of Representatives as well as the Senate.

The deal would also reopen the government after a partial 16-day shutdown.

 

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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