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ASX roars to finish; Banks on a high

Anastasia Santoreneos
·2-min read
Here's the latest market news. Source: Getty
Here's the latest market news. Source: Getty

The benchmark S&P/ASX200 (^AXJO) closed 1.42 per cent higher, following the US market’s lead.

The broader All Ordinaries index (^AORD) also closed up 1.34 per cent.

One Australian dollar was buying 68.84 US cents at 4.11 AEST.

What happened this afternoon?

The benchmark S&P/ASX200 (^AXJO) is up 0.84 per cent at 12.23 AEST, with almost all sectors up on a regulatory boost for US banks that saw Wall Street higher.

The broader All Ordinaries index (^AORD) was also up 0.78 per cent at midday.

Financial stocks led gains, up by 2.04 per cent, following the lead from the US market. Energy stocks also posted gains.

Unsurprisingly, Qantas shares slid 5.85 per cent after the airline revealed it would slash 6,000 jobs.

It comes as Deloitte revealed Bain Capital had rescued Virgin Australia, with the deal expected to be delivered by the end of August.

What happened this morning?

The benchmark S&P/ASX200 (^AXJO) is up 1.02 per cent at 10.12 AEST after eased restrictions by regulators on US banks buoyed overseas investors.

The broader All Ordinaries index (^AORD) also went up 1.09 per cent.

But market analysts said while there would be gains, it wouldn’t be enough to recover Thursday’s losses, which saw the Australian share market close 2.48 per cent lower - its worst loss in two weeks.

The Australian dollar was buying 68.89 US cents at 09.27 AEST, higher from 68.65 US cents at the close of trade on Thursday.

What happened overnight?

In the US, Wall Street’s main indexes finished higher despite turbulent trading, with bank stocks soaring after the US banking regulator eased rules.

And while investors are still nervous about rising coronavirus cases in the US, many are excitedly buying the dip.

"You could argue that the market could be a fair amount lower,” managing director of Wedbush Securities, Michael James, told AAP.

“The reason we're not is there is still some understanding that things are going to have a brighter ending at some point."

The Dow Jones Industrial Average rose 299.66 points, or 1.18 per cent, to 25,745.6, the S&P 500 gained 33.43 points, or 1.10 per cent, to 3,083.76 and the Nasdaq Composite added 107.84 points, or 1.09 per cent, to 10,017.00.

With AAP.

Yahoo Finance Breakfast Club episode 7.
Yahoo Finance Breakfast Club episode 7.

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