US stock market surges as Washington closer to deal

The US stock market is surging as Washington moves closer to avoiding a default on the government's debt.

The Dow Jones Industrial Average jumped as much as 310 points to 15,113, putting it on track for its first close above the psychologically-important 15,000 mark in four days.

The New York Stock Exchange building. Credit: Paul Seheult/Eye Ubiquitous/Press Association Images

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

Wall Street is on track for its biggest gain since January.