Shares on Wall Street surged overnight after Senate leaders agreed on a deal that will avert a potential US debt default. The Dow Jones Industrial Average was up 205.76 points (1.36%), the broader S&P 500 rose 23.45 points (1.38%) while the Nasdaq Composite gained 45.42 (1.20%). The Australian market is set to open higher with the SPI futures up 20 points this morning. The Australian dollar is at US95.62c this morning, compared with US95.25c at Wednesday's local close. Today, the market will be watching Fortescue Metals Group (FMG) and Woodside Petroleum (WPL), which are due to release production reports.