Wall Street cheers possible debt deal...Mortgage rates hold steady...Poverty goals

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Associated Press

Posted on October 10, 2013 at 12:00 PM

Updated Thursday, Oct 10 at 12:00 PM

NEW YORK (AP) — Wall Street is cheering a possible break in the budget impasse that's been threatening to push the country into default. The Dow was up as much as 240 points in afternoon trading, while the S&P 500 was up more than 25 points and the Nasdaq close to 70. A strategist for J.P. Morgan says "cooler heads are prevailing" in Washington as lawmakers contemplate "how calamitous it would be" if the debt ceiling isn't raised.

WASHINGTON (AP) — House Speaker John Boehner says Republicans would vote to extend the government's ability to borrow money for six weeks — but only if President Barack Obama first agrees to fresh negotiations on spending cuts. The White House says Obama "would likely sign" a clean bill increasing the debt limit but also wants Republicans to reopen the government. Under the Republican plan, the partial government shutdown would continue. Boehner and other GOP leaders are scheduled to meet with the president this afternoon.

WASHINGTON (AP) — Mortgage rates are holding steady this week. Freddie Mac says the average rate on the 30-year fixed loan crept up to 4.23 percent, while the average on a 15-year fixed mortgage rose to 3.31 percent. The rates hit their lowest point since July last week. They've been falling since the Federal Reserve decided at its September meeting to delay trimming monthly bond purchases.

ARLINGTON HEIGHTS, Ill. (AP) — A new study finds a wave of entrepreneurship among older Americans. The Ewing Marion Kauffman Foundation says the share of new entrepreneurs ages 55 to 64 rose last year to nearly one in four. Experts describe many of them as "reluctant entrepreneurs" who are creating a job for themselves because they can't find one elsewhere. They say others see a business as a way to change careers or to pursue a lifelong dream.

WASHINGTON (AP) — The World Bank's president is setting a goal of reducing extreme poverty to 9 percent by 2020, as the bank aims to eliminate it by 2030. President Jim Yong Kim says there are 400 million children among the world's most extreme poor, living on less than $1.25 per day.

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