NEW YORK (CNNMoney)
The Dow Jones industrial average, the S&P 500 and Nasdaq were essentially flat.
The small gains came a day a surge of optimism that sent the Dow up more than 320 points, its biggest point gain since December 2011. The S&P 500 and Nasdaq delivered their second best advances of the year.
On Thursday, House Republicans met with President Obama and offered a proposal to raise the debt ceiling temporarily, while the government would remain partially shut down. The meeting ended with no deal, but it was still seen as a sign of significant progress following weeks of gridlock.
Meetings are expected to continue Friday.
"While a short-term extension would not eliminate uncertainty ... it would reinforce our conviction that most members of Congress are not irresponsible enough to actually follow through on threats to not raise the debt ceiling limit," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics, in a note to clients.
J.P Morgan reports first loss under Dimon: In addition to the debt ceiling talks, the first of the big banks started reporting quarterly results.
JPMorgan (JPM, Fortune 500) posted a quarterly loss due to costs of legal actions from the government. It was the company's first since Jamie Dimon took over as CEO in 2004.
But the bank still managed to top forecasts, excluding charges. The stock rose in early trading.
Wells Fargo (WFC, Fortune 500) reported significant increases in quarterly sales and profit, compared to a year ago. However, shares of the bank fell amid signs that its mortgage business weakened during the quarter.
Related: Fear & Greed Index still shows fear
At 9:55 a.m. ET, the University of Michigan and Thomson Reuters will release the latest edition of their consumer sentiment index.
According to a recent Gallup poll, consumer confidence registered its sharpest one-week drop since the period immediately following the collapse of Lehman Brothers, with people worried about how the fracas in Washington could hit their wallets.
Related: Sharp drop in consumer confidence
European markets were mostly higher in afternoon trading led by London's FTSE 100, with a gain of 0.7%. One star performer on the London Stock Exchange -- Royal Mail. Shares soared more than 30% in its market debut. Asian markets closed with big gains. Japan's Nikkei surged 1.5% and the Shanghai Composite index shot up 1.7%. 
First Published: October 11, 2013: 9:45 AM ET
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