Aust stocks rise 1% at noon
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In another wild swing that continues a volatile start to the financial year, the Australian stock market rebounded to sit 1% higher at noon buoyed by Wall Street gains after fresh data pointed to a strengthening United States economy.
At 1210 AEST, the benchmark S&P/ASX200 index lifted 1.02% to 4,792.7 points, while the broader All Ordinaries index was 1.04% stronger at 4,776.9 points.
The gains come a day after the local market see-sawed almost 1.9% into the red.
CMC Markets premium client manager William Leys said the local market took heart from better-than-expected US employment data for June.
"This data provided yet another indication of a strengthening US economy and it was enough to quell the concerns surrounding Europe’s fresh debt issues as well as the political turmoil in Egypt," he said.
"Locally our market has continued in its Jekyll and Hyde form. Significant volatility has characterised the action of late with large swings in both directions."
On Wednesday, the benchmark S&P/ASX200 index was down 89.9 points, or 1.86%, at 4,744.1 points, while the broader All Ordinaries index was down 82.5 points, or 1.72%, to 4,727.8 points.
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