There was finally some cheer on global markets overnight after US Senate leaders announced a long-awaited compromise to raise the debt ceiling and end the government shutdown.

It was night of milestones for US markets. The Nasdaq reached a 13 year high with the S&P500 only a couple of points away from its own record high.

US stocks stayed strong despite US homebuilder confidence slipping to its lowest since June amid worries over Washington's budget fight and rising labour costs.

The Dow soared 206 points (+1.4%) to 15374, the S&P500 climbed 24 points (+1.4%) to 1722 and the Nasdaq put on 45 points (+1.2%) to 3839.

It was risk on in commodity markets, with oil rebounding 1.1% to US$102.29 a barrel as a resolution to the US debt crisis eased concerns of a hit to energy demand.

The US dollar was broadly weaker against other currencies as the proposed budget deal reduced demand for safe haven currencies.

Our dollar built on its recent gains and recently touched its highest levels against the greenback since mid-June. The AUDUSD settled up 0.3% to 95.51 at the end of US trading.

In economic news, the NAB Quarterly Business Confidence Survey is due for release at 11:30am, AEDT.

Morning Market Update: Through The Ceiling is a post from: Australian Stock Report Market Pulse Blog