The benchmark S&P/ASX200 (^AXJO) finished Monday 0.98 per cent higher, bringing it to 5,977.50 points.
The broader All Ordinaries index (^AORD) also finished 0.88 per cent higher at 6,089.30 points.
Financials and energy stocks led the charge today, despite a surge in cases in NSW and Victoria.
What happened at midday?
The ASX200 pared back gains in midday trade, although was still 0.83 per cent in the green at 12:11pm AEST, bringing it to 5,968.30 points.
The All Ordinaries was also 0.70 per cent higher to 6,078.50 points at lunchtime.
The financial sector led the market this morning while energy stocks also enjoyed investor optimism. Oil prices rose more than 2 per cent after the International Energy Agency increased its 2020 demand forecast.
Australia’s low income earners will also receive the second set of $750 payments this week as payments begin to flow from today. These payments formed part of the government’s early stimulus packages.
What happened this morning?
The ASX200 opened the week up 1.34 per cent to 5,998.40 points at 10:13am AEST.
The All Ordinaries was also up, marking a 1.33 per cent increase to 6,116.40 points after a positive close on Wall Street on Friday.
New data on pharmaceutical company Gilead’s treatment Remdesivir showed the drug improved clinical recovery and reduced the risk of fatality from Covid-19, boosting Gilead shares 2.2 per cent along with the rest of the US share market.
What happened overnight?
Wall St rose on the hopes for a Covid-19 treatment on Friday after a record surge in cases. The Nasdaq marched higher, marking its sixth record high in seven days but underperformed the Dow Jones Industrial Average and the S&P 500.
The Dow Jones Industrial Average rose 369.21 points, or 1.44 per cent, to 26,075.3, the S&P 500 gained 32.99 points, or 1.05 per cent, to 3,185.04 and the Nasdaq Composite added 69.69 points, or 0.66 per cent, to 10,617.44.