NEW YORK (AP) — The stock market is surging as Washington moves closer to avoiding a default on the U.S. government's debt.

The market is on track for its biggest gain since January.

The Dow Jones industrial average jumped as much as 310 points to 15,113 in the late afternoon Thursday.

The Standard & Poor's 500 index rose 34 points to 1,691 and the Nasdaq composite rose 84 points to 3,761.

House Republicans said they would advance legislation to temporarily extend the government's borrowing authority so it can continue to pay its bills on time. The prospect of an unprecedented default on the U.S. government's debt and a partial shutdown of the government have been dragging the stock market lower for three weeks.

 

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