Aust stocks open higher

Local market rallies in early trade after upbeat jobs data pushes Wall Street to new highs.

The Australian sharemarket opened more than half a per cent stronger following gains on Wall Street where both the Dow Jones and the S&P 500 reached record highs for a third straight session.

At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index rose 34.5 points, or 0.63%, to 5,525.7 points, while the broader All Ordinaries index gained 33.4 points, or 0.61%, at 5,512.9 points.

The Dow Jones Industrial Average jumped 216.42 points for the four-day week (1.28%) to 17,068.26, while the S&P 500 increased 24.48 points (1.25%) to 1,985.44.

Locally, in economic news, Reserve Bank of Australia head of stability Luci Ellis is scheduled to deliver a speech to the 2014 Economic and Social Outlook Conference hosted by Melbourne Institute and The Australian in Melbourne.

No major equities news is expected.

In Australia, the market yesterday rose as home building approvals posted their strongest monthly gain in eight months, following strong offshore leads.

The benchmark S&P/ASX200 index rose 35.1 points, or 0.64%, to 5,490.5.

The broader All Ordinaries index was up 36.3 points, or 0.67%, at 5,478.0.