Stocks are closing higher on Wall Street Thursday as investors welcomed progress in Congress' standoff over extending the federal debt ceiling.

A temporary extension will give lawmakers more time to reach a permanent resolution.

The S&P 500 rose 0.8% and the Nasdaq Composite gained 1.1%.

Pfizer gained 1.7% after asking the U.S. government to allow use of its COVID-19 vaccine in children ages 5 to 11.

The number of Americans applying for unemployment benefits fell last week as the job market continued its steady recovery.

The Labor Department will release a more detailed employment report for September on Friday.