STOCKS SURGE AND A DEBT DEAL IS IN SIGHT: Here's What You Need To Know

It's day 16 of the government shutdown. But an end is now in sight.

First, the scoreboard:

• Dow: 15,336.9, +168.9, +1.1%
• S&P 500: 1,718.3, +20.3, +1.2%
• NASDAQ: 3,836.0, +42.2, +1.1%

And now the top stories:

• It looks like the path is now clear for a deal that will end the U.S. government shutdown and raise the debt ceiling, which the U.S. will hit on October 17. Just after noon E.T., Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell announced a "historic bipartisan agreement" that House Speaker John Boehner said the House would not block.
• This is welcome news as incoming data increasingly showed that uncertainty was seeping into the greater economy.
• The NAHB homebuilder sentiment index fell to 55 in October from 58 in September. This was worse than the 57 level economists were expecting. "This slight dip in builder sentiment is the result of continuing challenges in the marketplace with regard to the cost and availability of labor and lots and uncertainty in Washington," said the NAHB's Rick Judson.
• The Fed's October Beige Book of economic anecdotes confirmed modest to moderate growth across the country. "Contacts across Districts generally remained cautiously optimistic in their outlook for future economic activity, although many also noted an increase in uncertainty due largely to the federal government shutdown and debt ceiling debate," read the report.
  
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