Aust stocks rise 1% at noon

Local market swings into black buoyed by Wall St lead on US growth hopes.

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.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles