Aust stocks rise at noon

Local bourse pares early gains following fresh five-year high after Larry Summers leaves race for US Fed chairman position.

The Australian stock market has pared early gains after reaching a fresh, five-year intra-day high, on the back of Larry Summers' decision to withdraw from the race for the United States Federal Reserve's chairman seat, meaning the body is less likely to wind back economic stimulus quickly.

At 1205 AEST, the benchmark S&P/ASX200 index rose 0.63% to 5,252.4 points, while the broader All Ordinaries index added 0.61% to 5,246.3 points.

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