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January 21 2013, 07:00AM

The Australian market looks set to open higher after the Dow and the S&P 500 hit their best levels since late 2007, helped by news that Republicans might agree to raise the US' debt ceiling.

At 0655 AEDT on Monday, the March share price index futures contract was up 17 points at 4,757.

In economic news on Monday, The Commbank State of the States report is due out.

In equities news, Nine Entertainment has a scheme meeting scheduled.

In Australia, the market on Friday closed higher propelled by surging Rio Tinto shares after its chief Tom Albanese resigned in the wake of the miner's $US14 billion worth of writedowns.

At the close on Friday, the benchmark S&P/ASX200 index was up 14.5 points, or 0.31 per cent at 4,771.2, while the broader All Ordinaries index gained 15 points, or 0.31 per cent, at 4,794.7.