Markets are surging today.
The Dow is up 300 points. The S&P 500 is up 35 points. Both rallies represent 2.1% gains for the day.
“It looks like House Republicans are preparing to move a short-term debt ceiling increase that would provide a framework for negotiations with President Barack Obama,” reported BI’s Brett Logiurato.
House Speaker John Boehner is expected to seek support for a six-week extension to the debt ceiling.
This news has been crushing Treasury bills.
The impending October 17 debt ceiling and potential default by the U.S. was arguably the biggest near-term uncertainty to the markets.