Aust stocks break 5400 threshold

Local market hits fresh five-year high, pushes through key psychological barrier as Fed taper speculation boosts global bourses.

The Australian stock market pushed to a fresh five-year high and broke through the key 5,400 barrier in morning trade, following gains on international markets as investors interpret US jobs figures as meaning the Federal Reserve will continue its stimulus measures.

At 1050 AEDT, the benchmark S&P/ASX200 index was 0.49% higher at 5,399.3 points, while the broader All Ordinaries index increased 0.49% to 5,397.6 points.

In earlier trade, the benchmark index hit as high as 5,402.4 points.

This is its highest point, and the first time above the key 5,4000 threshold, since the week commencing June 16, 2008, during which the index peaked at 5,444.2 points.