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ASX finishes financial year in the green

Boeing has lifted higher. Image: Getty

The benchmark S&P/ASX200 (^AXJO) has finished the last session of the financial year 1.43 per cent higher on Tuesday after positive jobs data and Boeing news invigorated traders.

It finished at 5,897.90 points.

The broader All Ordinaries index (^AORD) also finished 1.45 per cent higher to 6,001.30 points.

Major banks and mining groups pushed the markets higher after the Reserve Bank of Australia deputy governor Guy Debelle warned Australia will need economic support for “quite some time”.

What happened at midday?

The ASX200 was 1.27 per cent higher in midday trade to 5,889.10 points at 12:11pm AEST amid new figures showing improving employment.

The All Ordinaries was also up 1.28 per cent to 5,991.30 points.

It comes amid new data from the Australian Bureau of Statistics showing payroll jobs increased 1.0 per cent from mid-May to mid-June. However, they’re still down 6.4 per cent on mid-March figures.

"The recovery in payroll jobs between mid-April and mid-June represents around 30 per cent of the jobs initially lost," head of labour statistics Bjorn Jarvis said.

What happened this morning?

The ASX200 lifted 1.69 per cent higher to 5,913 points on Tuesday after Boeing shares bolstered Wall Street overnight.  

The All Ordinaries also rose 1.67 per cent to 6,014.20 points as of 10:09am AEST.

The Reserve Bank of Australia’s (RBA) deputy governor Guy Debelle will discuss the RBA’s response to the pandemic today. 

What happened overnight?

The S&P 500 was within touching distance of its largest quarterly percentage gain since 1998 on Monday US time as investors anticipated an economic recovery, bolstered by soaring Boeing shares.

Boeing shares roared more than 14 per cent higher after a 737 MAX aircraft took off on the first day of certification flight testing, raising hopes of Boeing’s recovery. 

More broadly, markets were a mixed bag as fears of a severe recession led investors to predict greater US stimulus measures.

The Dow Jones Industrial Average rose 580.25 points, or 2.32 per cent, to 25,595.8 on Monday, the S&P 500 gained 44.19 points, or 1.47 per cent, to 3,053.24 and the Nasdaq Composite added 116.93 points, or 1.2 per cent, to 9,874.15.

With AAP.

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