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Senate agree US debt bill

The US Senate has passed a bill to raise the debt ceiling and avoid a potential default. It will now be sent to the House of Representatives for a final vote. President Obama has said he will sign the bill "immediately" after the House vote.

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US stock market surges as Congress deal emerges

The US stock market surged in early trading as political consensus appeared to be building towards a solution to the US debt crisis.

Traders work on the floor of the New York Stock Exchange Credit: REUTERS/Carlo Allegri

The Dow Jones industrial average, Standard & Poor's 500 index and Nasdaq composite all rose by between 1 and 1.3 percent in late morning trading.

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