Aust stocks close higher

Local market lifts after United States President Barack Obama delays a vote on Syria strike, traders eye this year's market high.

The Australian stock market closed higher today after United States President Barack Obama delayed a Congress vote on a possible Syria strike.

At 1615 AEST official market close, the benchmark S&P/ASX200 index gained 0.64% to 5,234.4 points, while the broader All Ordinaries index rose 0.61% to 5,230.6 points.

IG analyst Chris Weston said traders are eyeing this year's benchmark high of 5,249.6 after the strong close, with materials stocks performing well.

Gold and oil prices were volatile in the day's trade, particularly during President Obama's speech, Mr Weston said.

"It has to be said that it’s hard to find a more market-friendly outcome from the developments and Russia, the US, Syria, Israel, and many other nations will be fairly content about the fact that ultimately key leaders are finding good middle ground," he said.

"We expect the President’s actions today are largely in the price given the outcome of delaying the Senate vote was talked about yesterday."

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