The main US market averages are now being called to open sharply higher, with the S&P 500 expected to rise by over 2%.

That following a partial agreement on avoiding the 'fiscal cliff,' which will mitigate the short-term impact of the political uncertainty on the economy.

Neverthless, an agreement has yet to be reached on how to cut spending, perhaps the hardest part of the equation. Furthermore, the White House needs Republicans´ support to increase the nation´s debt limit.

Thus, a fair bit of market commentary is warning that much of the 'hard work' has been left undone, a fact which may eventually weigh on shares again.

The ISM Institute will release its manufacturing survey data for the month of December at 15:00.

Raymond James has upgraded retailer Walgreens to overweight from neutral.

Molycorp may rise on the back of a positive mention in Bloomberg.

Large rise in energy quotes
Front month West Texas crude futures are now rising by 1.78% to the 93.45 dollar mark on the NYMEX.

10 year US Treasury yields are now gaining by 9 basis points to the 1.84% mark.



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