Market Update: The S&P/ASX 200 rebounded 1.0% higher to 5,260 after another positive finish in the US equity markets last night

Market Update: The S&P/ASX 200 rebounded 1.0% higher to 5,260 after another positive finish in the US equity markets last night. It was a broad base rally on signs of a resolution to the US political stalemate over the debt ceiling. Miners were strong with BHP up 1.1%, RIO rising 1.7% and FMG jumping 4.8%. Financials were also in the positive territory with all major banks adding between 0.6% to 1.1%. The AUD was also powering ahead with the rest of the market, it is currently trading above US$0.9500 at US$0.9533. The SPI was up 0.9% at 5,255 points on the Sydney Futures Exchange.