Dow Jones jumps 409 points as debt ceiling deal nears

NEW YORK, New York - U.S. stocks rallied hard Wednesday after President Joe Biden and House Speaker Kevin McCarthy both indicated a deal could be reached on the debt ceiling, avoiding a debt default.

McCarthy and Biden met Wednesday after the president called off the second leg of his trip to the Asia Pacific.

"Now we have a structure to find a way to come to a conclusion," McCarthy told CNBC Wednesday. "I