Aust stocks close higher

Local market lifts after on-target Chinese growth, United States fiscal agreement; pulls back from strong intra-day high.

The Australian stock market closed at a fresh five-year high as fiscal agreement in the United States and on-target Chinese growth encouraged investors. 

At the 1615 AEDT official market close, the benchmark S&P/ASX200 index was 0.57% higher at 5,351.8 points, while the broader All Ordinaries index increased 0.57% to 5,351.5 points.

In earlier trade, the benchmark index rose as high as 5,366.1 points.

This was its highest point since the week commencing June 16, 2008 when it peaked at 5,444.2 points.