Aust stocks extend gains at noon

Local market pushes almost 1.7% higher after signs of progress in US debt deal push Wall St to record one-day gains.

The Australian stock market extended its already considerably gains at noon, after Wall Street soared on its biggest one-day gain since January on news lawmakers were moving closer to a deal to break up the political impasse in Washington.

At 1205 AEDT the benchmark S&P/ASX200 index spiked 1.67% to 5,232.9, while the broader All Ordinaries index lifted 1.31% to 5,229.7 points.

No major economic news is expected on Friday.

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