Aust stocks close stronger

Local market recovers some ground lost after US Fed's surprise hawkish tone, following upbeat US leading indicators.

The Australian sharemarket rallied today, following Wall Street higher after upbeat manufacturing data from the United States.

The local market recovered some of the ground it lost yesterday following a surprise hawkish tone from the US Federal Reserve.

At the 4.15pm (AEDT) official market close, the benchmark S&P/ASX200 index 44.1 points, or 0.83%, to 5,338, while the broader All Ordinaries index added 41.3 points, or 0.78%, to 5,354.

In the US, Federal Reserve Bank of Philadelphia said manufacturing rebounded in the region in March as new orders rose, while the Conference Board's index of leading indicators lifted by 0.5 per cent, the largest amount in three months, suggesting growth is set to rebound after a severe winter.

IG market strategist Evan Lucas said the local market lifted after a kneejerk response to the US Fed's announcement yesterday that interest rates could be raised earlier than expected.

"Asia has seen clement trading as Japan celebrates Equinox Day, which saw Asian trading volumes evaporate," Mr Lucas said.

"But the low macro news environment is moderating any real prominent moves."

Materials were broadly stronger, with the major miners in the black.

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