Aust stocks hold 1% gains at noon

Local market pushes higher after Dow pushed to record close on Wall St.

The Australian stock market maintained its strong gains at noon after the Dow Jones Industrial Average closed above the key threshold of 16,000 points for the first time.

Investor sentiment improved on Wall Street after Janet Yellen moved a step closer to becoming the next Federal Reserve leader and a strong report on the jobs market.

At 1205 AEDT, the benchmark S&P/ASX200 index added 1.06% to 5,344.3 points, while the broader All Ordinaries index increased 1.06% to 5,338.9 points.

There is no economic news scheduled for Friday.

In company news, Rio Tinto chairman Jan Du Plessis is due to speak at an Australian British Chamber of Commerce lunch.

Jetset Travelworld, AV Jennings and Capilano Honey are among the companies holding annual general meetings.

Dairy co-operative Murray Goulburn is also holding its annual general meeting.

The market on Thursday fell for a fourth straight day.

The benchmark S&P/ASX200 index dropped 19.4 points to 5,288.3 points, and the broader All Ordinaries index shed 20.3 points to 5,284.3 points.