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Author
The Associated Press
Date
October 10, 2013

News Summary: Stocks rally on deal talk

LET’S MAKE A DEAL: Republican leaders and President Barack Obama finally seemed willing to end a 10-day budget standoff that has threatened to leave the U.S. unable to pay its bills.

BUY BUY BUY: News of a deal sent stocks soaring. The Dow Jones industrial average rose 323.09 points, or 2.2 percent, to 15,126.07. The Dow had its biggest point rise this year.

A CALM IN BONDS: News of a deal help stabilize the market for short-term U.S. government debt. The yield on the one-month Treasury bill eased to 0.25 percent from 0.27 on Wednesday. The yield had spiked from near zero at the beginning of the month to as high as 0.35 percent Tuesday out of concern that the government might not be able to pay them back.

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