Australia markets closed

ASX sees best day ever, finishes up 7%

Local markets are echoing the international rollercoaster, as Covid-19 keeps New Yorkers indoors. Images: Getty

The benchmark S&P/ASX200 (^AXJO) has seen its best day ever, shooting 7.0 per cent higher on Monday to finish at 5,181.4 points.

The broader All Ordinaries index (^AORD) also finished an impressive 6.56 per cent higher at 5,194.0 points.

The ASX200 rallied in the last 24 minutes of trade ahead of Prime Minister Scott Morrison’s announcement of a jaw-dropping $130 billion stimulus package, and $1,500 wage replacement payments for 6 million Australians.

What happened this morning?

The ASX200 lifted 0.54 per cent at the open on Monday as investors brace for a week in the red, following last week’s mixed performance. 

The ASX200 was at 4,868.60 at 10:08am AEDT. 

The All Ordinaries also edged up 0.28 per cent to 4,887.80 on Monday morning. 

The Australian government is expected to announce a wage subsidy plan designed to maintain relationships between employers and employees, but investor concerns remain focused on the potential ramifications of a lockdown. 

What happened last week? 

Last week the local market finished just 25.7 points up, or 0.5 per cent, with three days of gains totalling 567.2 points sandwiched by two days of losses on Monday and Friday.

Wall Street also fell in the final session of the week, ending a three-day surge as the number of coronavirus cases in the country climbed.

As an economic recovery is tied to countries’ abilities to flatten the curve of infections, the US’ struggles imply more volatility is ahead. The largest economy recorded a jump in cases to 123,000 over the weekend. 

With AAP. 

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