The benchmark S&P/ASX200 (^AXJO) closed nearly 2 per cent higher to 6,117.20 points, as investors remained optimistic the US could hammer out an economic aid package.
The broader All Ordinaries index (^AORD) closed 1.76 per cent higher to 6,253.30 points.
What happened this afternoon?
The benchmark S&P/ASX200 (^AXJO) is trading more than 1 per cent higher at midday to 6,066.20 points, buoyed by banks and consumer staples.
The broader All Ordinaries index (^AORD) is also 0.97 per cent higher at midday to 6,204.50 points.
Homewares retailer Adairs is enjoying an 18 per cent surge in its share price, after the company reported an increase in sales and profits for the 2020 financial year.
Qantas has fallen short of its $500 million target in its share purchase plan and raised $71.7 million, with just. 173,343 shareholders participating.
What happened this morning?
The benchmark S&P/ASX200 (^AXJO) has opened 0.57 per cent higher to 6,039.20 points at 10:14 AEST, after a better-than-expected US jobs report buoyed overseas investors.
The broader All Ordinaries index (^AORD) also opened 0.53 per cent higher to 6,177.70 points at 10:14 AEST.
It comes as Australia faces its deadliest day of the coronavirus pandemic, with 19 deaths in the state of Victoria.
This week, Australian investors will be awaiting the July unemployment figures, to be released on Thursday, and corporate earnings reports from major banks.
One Australian dollar was buying 71.69 US cents, up from 71.60 US cents at the close of trade on Friday.
What happened over the weekend?
Wall Street recorded little change, as investors weighed a positive jobs report against new sanctions on Chinese tech firms.
Investors were also concerned by the White House’s failure to agree on the next US fiscal stimulus package.
“The risk is that a policy failure drains the tentative strength that had been creeping back into the economy in recent months,” Seema Shah, chief strategist at Principal Global Investors told Bloomberg.
The Dow Jones finished 0.17 per cent higher to 27,433.48 points, the S&P 500 Index rose 0.063 per cent to 3,351.28 points, and the Nasdaq finished 0.87 per cent lower to 11,010.98 points.
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