Aust stocks close sharply stronger

Local market extends gains throughout day on US Federal Reserve taper news and resulting lower Australian dollar.

The Australian stock market has soared in the day's trade after this morning's news that the US Federal Reserve would begin tapering its monthly bond-buying program in the new year.

At the official market close of 1615 AEDT, the benchmark S&P/ASX200 index rose 2.08% to 5,202.2 points, while the broader All Ordinaries index increased 2.01% to 5,202 points.

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