Dow Jumps Over 300 Points Thanks To Signs of a Possible Debt Limit Deal

Treasury Secretary Jack Lew has warned of a default if debt limit is not raised

Stocks closed out the session with a sharp bang Thursday, with major averages rallying more than 2 percent across the board, as lawmakers seemed to move closer to a deal to resolve the political stalemate in Washington.

Major averages logged their second-best gains this year.