SYDNEY: The Australian market is rallying, following Wall Street higher on the back of good economic data, clawing back yesterday’s losses.
The S&P 500 index rose 1.2% overnight as US personal income rose and the home sales index went higher.
In Australia, mining and energy stocks recovered after a bad session driven by further falls in oil and iron ore prices yesterday.
BHP was up more than 3% to $31.03, Rio Tinto 2.3% to $57.17 and Woodside Petroleum was higher by more than 2% to $34.71.
Financial stocks followed with all the major banks higher, led by the Westpac, up 1.3% to $39.64.
