Aust stocks close stronger

Local market holds early gains on optimism about an imminent US debt deal.

The Australian stock market held early gains to close higher on increasing optimism about an imminent United States debt ceiling deal.

At the 1615 AEDT official market close, the benchmark S&P/ASX200 index was 0.98% higher at 5,259.1 points, while the broader All Ordinaries index lifted 1.01% to 5,259.2 points.

IG analyst Chris Weston said global bourses expect a deal agreed in the US Senate in the near term, after Democrat and Republican leaders said talks to end the crisis were progressing well.

"The belief that Washington is seeing signs of short-term stability has given backbone for further inflows into equities in Asia," Mr Weston said.

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