Stocks advanced on Thursday as oil prices edged higher and President Barack Obama and Senate Republicans agreed on the need to raise the national debt ceiling in a sign of progress on the issue in Washington.

The Dow Jones industrial average <.DJI> gained 60.89 points, or 0.48 percent, to 12,690.92. The Standard & Poor's 500 Index <.SPX> rose 6.38 points, or 0.48 percent, to 1,348.46. The Nasdaq Composite Index <.IXIC> climbed 15.55 points, or 0.55 percent, to 2,860.61.

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