More Videos:

[video] Quick Take: Friday Open Could Be Risky

NEW YORK (TheStreet) -- Equity markets jumped significantly when it was announced a temporary resolution to raising the debt ceiling could be reached in Washington.

Keith Bliss, senior vice president of Cuttone & Company, told TheStreet's Debra Borchardt that 18 House Republicans are going to the White House at 4:30 p.m. EDT, seeking a short-term resolution.

While the news seems great to market participants, Bliss warned that many should remain cautious since a failure to agree will likely erase all of Thursday's gains. Any announcement should come around 6:00 p.m. EDT.

Bliss said the markets will have to deal with the drama and volatility every year until the federal government can agree on some of the broader issues of tax reform and entitlements. "Hopefully they will get something done," he said about today's meeting.

-- Written by Bret Kenwell in Petoskey, Mich.