Market Update: The S&P/ASX 200 was 0.4% higher at 5,283 following the US equity markets' rally overnight over the debt accord

Market Update: The S&P/ASX 200 was 0.4% higher at 5,283 following the US equity markets' rally overnight over the debt accord. The House of Representatives passed the bill with the final vote 285-144. Financials were up with all major banks rising between 0.6% to 1.3%. Resources were mixed with BHP being flat and RIO was down 1.0%. FMG dropped 3.8% after released of its first quarter results with shipments came in weaker than expected. The AUD was slightly down to be trading at US$0.9540. The SPI was up 0.4% at 5,274 points on the Sydney Futures Exchange.