Aust stocks close higher

Local stock market lifts after reaching fresh 5-year intra-day high as Larry Summers pulls out of US Fed chair race.

The Australian stock market further pared its early gains at the close after reaching a fresh, five-year intra-day high on the back of Larry Summers' decision to withdraw from the race for the US Federal Reserve chairman seat, meaning the body is now less likely to wind back economic stimulus quickly.

At the official market close of 1615 AEST, the benchmark S&P/ASX200 index rose 0.54% to 5248 points, while the broader All Ordinaries index added 0.52% to 5,241.7 points.

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