Australia markets closed

ASX finishes on a high

ASX posts strong gains. Source: Getty

The benchmark S&P/ASX200 (^AXJO) has finished a strong day of trading up 2.16 per cent, after sitting in the green all day.

The broader All Ordinaries index (^AORD) also added 2.16 per cent.

What happened this morning?

The benchmark S&P/ASX200 (^AXJO) had gained 1.53 per cent at 10.23 AEST, after Wall Street notched gains last week.

The broader All Ordinaries index (^AORD) also added 1.55 per cent at the open.

One Australian dollar was buying 65.48 US cents at 10.29 AEST, up from 65.15 US cents at the close of trade on Friday.

AMP chief economist Shane Oliver predicts the Aussie dollar will gradually rise as economies re-open, however.

"Providing major economies continue to re-open, the Aussie dollar will probably drift higher," he said.

"Tensions around trade with China and the US-China relationship may cause bits of volatility with the Aussie dollar but the major picture is one of recovery."

What happened over the weekend?

Wall Street posted mixed results at the close of trade on Friday despite a week of strong gains, as US-China trade tensions reared their head once again.

Late in Friday's session, stocks dropped as the US Commerce Department said it was adding 33 Chinese companies and other institutions to an economic blacklist for human rights violations and to address US national security concerns.

The Dow Jones Industrial Average fell 0.04 per cent to end at 24,465.16 points, while the S&P 500 gained 0.24 per cent, to 2,955.45. The Nasdaq Composite climbed 0.43 per cent to 9,324.59.

With AAP.

Yahoo Finance Breakfast Club Episode 5. Source: Supplied

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