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Markets ready to shift focus back to economy, earnings

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With Washington's debt battle off the boil, markets will quickly shift focus to earnings and how much the government shutdown actually impacted the economy.

Congress ended a tense standoff, as the House and the Senate passed a compromise bill to reopen the government and avert hitting the U.S. debt ceiling limit. The bill pushed the deadlines back to January for the spending resolution and February for the debt ceiling.

(Read more: Despite DC deal, market rally could be cut short)

Expectations for a deal earlier in the day triggered a rally in stocks, which saw both the and S&P 500 gain around 1.4 percent. Bonds also rallied, reversing earlier losses; the 10-year yield fell from a high of 2.76 percent to 2.67 percent by late afternoon.