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Stock market news today: Dow jumps as debt ceiling talks progress

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Dow surges 400 points as Biden and lawmakers inch closer to a debt ceiling deal

US stocks jumped on Wednesday as investors grew optimistic that a deal over the debt ceiling could soon be in sight.

Major indexes climbed steadily during the session, with markets cheering hopeful remarks from President Joe Biden and House Speaker Kevin McCarthy, who both stated they do not believe the US will default on its debt. "I'm confident we'll get the agreement on the budget, that America will not default on its debt," Biden said on Wednesday morning.

While an actual default was widely thought to be unlikely, the possibility of such a scenario has weighed on markets in recent weeks.Top economist Mohamed El-Erian tweeted on Tuesday thatHere's where US indexes stood as the market closed at 4 p.m. on Wednesday:

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