ASX to rise as US stocks end higher on potential debt deal

📆 07/10/2021 02:11:00
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Wall Street rises as hopes grow that the Biden administration will reach an agreement with Republicans to lift the US debt ceiliing as time runs out for a deal. And there was a pick up in private sector jobs.

US stocks have gained after recouping early losses as investors turned hopeful that congressional Democrats and Republicans could reach a deal to avoid a government debt default.The Dow Jones index has risen 0.3pc to 34,417, the S&P 500 has risen 0.3pc to 4,364, and the Nasdaq Composite has risen 0.5pc to 14,502

Australian shares looked set to rise on the news, with the ASX SPI 200 index up 0.5 per cent to 7,210 at 7:30am AEDT, and the Australian dollar traded down 0.2 per cent at around 72.75 US cents. Infrastructure Capital Advisors portfolio manager Jay Hatfield said Mr McConnell's remarks could help end the months long standoff."That's going to be interpreted in the short run as positive."

Tech giant Amazon and Google parent Alphabet rose after the benchmark US 10-year Treasury yield retreated from three-month highs.

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