PERTH: Australian stocks ended 2.5 per cent higher and toughed the biggest one-day peak in 18 months and added almost $36 billion to the market’s value.
Rallying for a third day, the market was led higher by rebounds in resources and financial stocks as the US Federal Reserve buoyed global sentiment.
At 4.15pm (AEDT), the benchmark S & P/ASX200 index was up 127.8 points, or 2.45 per cent, at 5,338.6 points, while the broader All Ordinaries index rose 123 points, or 2.37 per cent, to 5,312.7 points.
Capping off the biggest two-day rise in three years, it was a welcome relief for the sharemarket after a long string of losses, as investors fix their portfolios before the Christmas break, pooling sidelined cash into stocks.
Global markets have risen strongly since the US Federal Reserve indicated yesterday that it’s confident in the US economy, but in no rush to raise interest rates.
Investment director for Folkestone Maxim Asset Management, Winston Sammut, said today’s rally was the early Christmas present investors had been waiting for.
The rally was partly attributable to the confidence-boosting comments from the US Federal Reserve, and partly because people were rushing off for the holidays and setting up their portfolios, Mr Sammut said.
“A lot of people are finishing up today and are getting their portfolios set up for the break, getting rid of some cash.The funds here have been waiting for a confidence booster, and what’s happened in the US has pushed confidence across the line.
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