MARKET CLOSE Wall Street has had its biggest opening day of the year since 2009.

UPDATED 5PM The Republican-dominated House has voted in favour of the budget bill.

In major developments today, a deal is emerging to break the US budget impasse.

MARKET CLOSE US stocks surged, ending a five-day losing streak as hopes rose for a budget settlement.

UPDATED 10PM Talks in Washington ended on Sunday without any resolution to the US budget impasse.

The slide over the fiscal cliff begins on January 2, with cuts of $US100 billion over the next nine months.