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.

Meanwhile, ASIC chairman Greg Medcraft is scheduled to speak at an American Chamber of Commerce in Australia lunch, in Sydney.

In equities news, the OzForex (OFX) Group lists on Australian Securities Exchange.

In Australia, the market on Thursday fell with commodity price driving local stocks lower despite the release of positive jobs numbers.

The benchmark S&P/ASX200 index was 5.9 points, or 0.11%, lower at 5,147.1.

The broader All Ordinaries index was down 5.4 points, or 0.1%, at 5,146.2.

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