Dow Eyes Best Day of 2014

FOX Business: Capitalism Lives Here

U.S. stocks advanced Tuesday on news House Republicans could pass a 'clean' debt limit increase, staving off a battle in Congress.

Today's Markets

As of 2:57 p.m. ET, the Dow Jones Industrial Average zoomed higher by 204 points, or 1.3%, to 16005, the S&P 500 climbed 20.7 points, or 1.2%, to 1820 and the Nasdaq Composite advanced 45.3 points, or 1.1%, to 4194.

The Dow was enjoying its best performance of 2014, as bullish news propelled the blue-chip index back above the 16000 mark.

Sources told FOX Business and Fox News House Republicans are poised to pass a "clean" debt ceiling bill, which would likely limit a fight in Congress over raising the nation's debt limit. Such battles have in the past rattled Wall Street.

Janet Yellen gave her first Congressional testimony as head of the powerful central bank.

Yellen said in prepared remarks she stands by the central bank’s current monetary policy. Yellen noted the Fed has kept a close eye on recent volatility in the global financial markets, but said at this point, the movements “don’t pose a substantial risk to the U.S. economic outlook.”

The economic calendar is fairly light, with a report due out on wholesale inventories at 10:00 a.m. ET. The data generally don't shake Wall Street, but they do frequently spark adjustments to investment banks' economic forecasts.

In corporate news, CVS Caremark (NYSE:CVS) shares rose on the back of a quarterly profit advance for the No. 2 U.S. drugstore chain. Sprint (NYSE:S) shares surged after the telecommunications company posted a narrower-than-expected quarterly loss.

Elsewhere, U.S. crude oil futures rose 11 cents, or 0.11%, to $100.17 a barrel. Wholesale New York Harbor gasoline climbed 0.49% to $2.738 a gallon. Gold jumped $13, or 1%, to $1,288 a troy ounce.