The markets surged with the Dow jumping 172 points to 15,340 over optimism that lawmakers will reach a deal to avert a default. Nasdaq soared 38 points to 3832.

On the upside

Shares of China New Borun (NYSE: BORN) continued rising on no news.

Advance Auto Parts (NYSE: AAP) will pay $2.04 billion in cash to acquire General Parts International.

MGIC (NYSE: MTG) reversed year ago losses to post a better than expected profit for the third quarter.

On the downside

Molycorp (NYSE: MCP) priced its public offering of 45 million common shares at the discounted price of $5.00 per share. 

Stanley Black & Decker (NYSE: SWK) reported higher third quarter earnings but the company cut its full year earnings guidance.

Investors locked in profits on Opko Health (NYSE: OPK).

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by nearly 4 to 1 on Nasdaq. The broader S&P 500 leaped 17 points to 1715.