Australian Market Rises

(RTTNews) - The Australian stock market is rising on Wednesday after four straight days of losses following the tech-led rebound overnight on Wall Street and as U.S. Federal Reserve Chair Jerome Powell said the central bank remains committed to using its tools to ensure a strong economic recovery.

A fall in Victoria's daily number of coronavirus cases also boosted sentiment. Stocks are higher across the board.

The benchmark S&P/ASX 200 Index is advancing 78.90 points or 1.36 percent to 5,863.00 after touching a high of 5,784.10 earlier. The broader All Ordinaries Index is adding 82.00 points or 1.37 percent to 6,055.50.

In the tech sector, Afterpay is gaining more than 5 percent, Appen is rising more than 3 percent and WiseTech Global is advancing more than 2 percent.

Among the major miners, Fortescue Metals is higher by more than 1 percent, Rio Tinto is advancing almost 1 percent and BHP Group is adding 0.5 percent.

Gold miners are higher even as gold prices declined for a second straight session overnight. Evolution Mining and Newcrest Mining are rising more than 1 percent each.

In the oil sector, Santos and Woodside Petroleum are adding 0.5 percent each, while Oil Search is up 0.2 percent after crude oil prices rebounded overnight.

Among the big four banks, National Australia Bank, Commonwealth Bank, Westpac and ANZ Banking are advancing in a range of 0.9 percent to 1.3 percent.

On Wall Street, stocks rebounded on Tuesday, reflecting a recovery in tech stocks and as Federal Reserve Chair Jerome Powell said the central bank remains committed to using its tools to ensure a strong economic recovery. In addition, U.S. Treasury Secretary Steven Mnuchin said the White House continues to seek an agreement with both parties in Congress on another fiscal relief package.

The Dow ended with a gain of 140.48 points or 0.52 percent at 27,288.18, about 300 points off the session's low. The S&P 500 climbed up 34.51 points or 1.05 percent to 3,315.57, while the Nasdaq surged up 184.84 points or 1.71 percent to 10,963.64.

The major European markets also closed mostly higher on Tuesday. The U.K.'s FTSE 100 climbed 0.43 percent and Germany's DAX gained 0.41 percent, while France's CAC 40 declined 0.4 percent.

Crude oil futures ended higher on Tuesday, rebounding from a recent sharp fall, although the uptick was not any significantly sharp as worries about outlook for energy demand continued to weigh on the commodity's prices. WTI crude for November added $0.26 or about 0.7 percent at $39.80 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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