The Australian share market has rebounded slightly after its lowest close since June, as Wall Street snapped a three-session losing streak overnight.
All sectors were trading higher at midday, with tech stocks significantly up despite a recent sell-off overseas.
Retail giant Myer was trading nearly 15 per cent lower to $0.22 after posting statutory net profit losses of $172.4 million - an 800 per cent decline on its full-year 2019 profit of $24.5 million.
What happened overnight?
Wall Street’s main indexes finished higher, after shares in tech heavyweights rebounded off the back of a major sell-off.
Tesla shares rose 10.92 per cent after suffering their biggest one-day percentage drop, while Apple, Microsoft and Amazon each rose by 3 per cent.
Facebook and Alphabet, Google’s parent company, also rose in what experts dubbed a “surprising rebound”.
"On one level it looks speculative but on another it is almost defensive because we know these companies will survive no matter what Covid-19 throws at us,” Jack Ablin, chief investment officer at Cresset Capital Management told AAP.
The Dow Jones Industrial Average rose 1.6 per cent to close at 27,940.47, the S&P 500 gained 2.01 per cent to 3,398.96 and the Nasdaq Composite added 2.71 per cent, to 11,141.56 points.
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