Stock market today: Asia follows Wall Street up on hopes Fed will ease off rate hikes

Shanghai, Tokyo, Hong Kong and Seoul advanced after U.S. lawmakers approved a deal to avert a government debt default. Oil prices strengthened.Wall Street's benchmark S&P 500 index rallied 1% on Thursday after data showed manufacturing and retail activity weakening. That added to hopes the Fed might decide upward pressure on prices is easing and more rate hikes can be postponed or scaled down.

Late Thursday, the Senate gave final approval to an agreement to raise the amount the government can borrow in exchange for spending cuts. India's Sensex opened up less than 0.1% at 62,434.48. New Zealand declined while Bangkok advanced. Markets in Singapore and Indonesia were closed for holidays. That's good news for workers and the overall economy, but the Fed worries a strong job market could also keep pressure up on inflation.

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