The local share market has gained ground after Democrats and Republicans in Washington reached a deal over the weekend to avoid a cataclysmic debt default.
While the US debt-ceiling deal still needs to pass Congress – which is not assured, with some conservatives and progressives finding fault with it – shares on the Australian Securities Exchange enjoyed their best day in seven weeks on Monday.
The benchmark S&P/ASX200 index finished up 62.6 points, or 0.87 percent, to 7,217.4, while the broader All Ordinaries gained 60.6 points, or 0.83 percent, to 7,395.1.
“The tentative agreement will take away some uncertainty for investors, and that will improve sentiment, helping to drive equities higher,” said eToro market analyst Josh Gilbert….