NEW YORK (AP) - Stocks are surging on Wall Street after Senate leaders reached a deal that would avoid a U.S. default and reopen the government after 16 days of being partially shut down. The Dow Jones industrial average jumped 206 points, to close at 15,373 today. The S&P 500 index rose 23 points, to 1,721. And the Nasdaq composite rose 45 points.
- The price of oil is up 1 percent as lawmakers appear to have reached a deal to fund the federal government and its obligations. Benchmark crude for November delivery gained $1.08, or 1.1 percent, to close at $102.29 a barrel in New York.. At the gas pump, the average price for a gallon of gasoline rose 1 cent to $3.36. That is still 16 cents cheaper than a month ago.
- IBM says its third-quarter net income rose 6 percent, as better profitability offset lower revenue. The Armonk, N.Y., company earned $4.04 billion, or $3.68 per share, up from $3.82 billion, or $3.33 per share, in the same quarter last year. Excluding one-time charges, the company earned $3.99 per share. Revenue fell 4 percent to $23.7 billion from $24.7 billion.
- EBay says its third quarter profit grew 15 percent as revenue rose, thanks to increasing mobile transactions in its online marketplaces eBay and StubHub and growth in the number of people using its PayPal payments processor. EBay's net income grew to $689 million, or 53 cents per share, from $597 million, or 45 cents per share, a year ago. Revenue rose 14 percent to $3.89 billion.
- A U.S. appeals court has ruled that Federal Reserve Chairman Ben Bernanke needn't answer questions in a lawsuit filed by the former head of American International Group until he leaves office in January. The court also ordered that ex-AIG CEO Hank Greenberg's company, Starr International, would have to make a strong case that it needs to question Bernanke. Greenburg claims the terms of the AIG bailout were too onerous.