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Wall Street rallies as threat of US default eases

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The Dow soared as GOP leaders and the president seemed willing to end a 10-day budget standoff that threatened to leave the US unable to pay its bills. The market notched its biggest gain since January, ending a three-week funk, and some calm was injected into the frazzled market for short-term US debt. Congress is ‘coming to terms with how calamitous it would be if the debt ceiling was not raised,’ said Joseph Tanious, at J.P. Morgan Asset Management. The Dow jumped 2.2% and had its biggest point rise this year. The gains were extraordinarily broad. Of the 500 stocks in the S&P 500 index, only 11 fell. Bank and industrial stocks rose the most.

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