Australia markets closed

ASX closes up 3.46% higher ahead of Easter

ASX rises at open. Source: Getty

The Australian share market has concluded the week on a good note following a strong start to the day off the back of an optimistic Wall Street overnight.

The ASX200 finished off the day up 3.46 per cent, and the broader All Ordinaries Index saw a similar rise of 3.43 per cent.

The Aussie dollar was buying 61.99 cents at the end of Thursday.

As this marks the last trading day before the Easter long weekend, markets will reopen next Tuesday.

What happened this morning?

The ASX lifted at the open, following a rise in US stocks off the back of positive coronavirus news. 

The benchmark S&P/ASX200 (^AXJO) rose 1.66 per cent at 10.27 AEST, despite falling 0.86 per cent lower on Wednesday.

The broader All Ordinaries index (^AORD) also rose 1.73 per cent.

The Australian dollar was buying 62.35 US cents at 0800 AEST, up from 61.32 US cents at the close of markets on Wednesday.

It will be the final session before a four-day Easter break.

What happened in US markets overnight?

US stocks leaper higher on optimism for another round of stimulus and oil price surges.

The benchmark S&P 500 Index jumped 3.4 per cent, led by the real estate, energy and utilities sectors. 

The Dow Jones Industrial and Nasdaq Composite indexes also rose to almost four-week highs.

Despite the gains, investors remain tentative to take big risks as forecasts show the virus is continuing to grow rapidly.

“There’s still a lot of uncertainty in markets,” said Kevin Caron, portfolio manager for Washington Crossing.

“Whether it’s some tentative plans or at least a vision to get the economy restarted again, that’s all something the market can ponder.”

With AAP.

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