The White House rejects Republican proposal to end debt ceiling standoff–I don’t think this will reverse ALL of today’s rally

The New York Times and Reuters are reporting at 6 p.m. ET that President Barack Obama has rejected a proposal from Republican leaders of the House to raise the debt limit for six weeks in exchange for a promise that the two sides would sit down to work out a comprehensive budget deal. The White House rejected the plan, the Times is reporting, because it would not end the shutdown of the Federal government.