DOW UP 100

Stocks are trading near their highs of the day.

Worries about the October 17 debt ceiling appear to be receding on reports that Congress is inching toward a deal.

When the U.S. hits the debt ceiling, the government will no longer be able to borrow money by issuing bonds.

Experts worry that once we hit the debt ceiling, the Treasury will rapidly run out of cash, forcing the U.S. to default on its obligations.

Today’s rally comes after Thursday’s surge when the Dow jumped 323 points.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.