Market Wrap: S&P/ASX 200 ROARS higher as bulls charge

The S&P/ASX 200 (ASX:XJO) closed 2.1% higher, driven by Westpac Banking Corp (ASX:WBC) among others.

a woman

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The local share market was on fire again on Wednesday, rising 105 points!

Here's a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 2.1% to 5,221 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 2% to 5,236 points
  • AUD/USD up 0.5% to US70.53 cents
  • Iron Ore at US$57.42 a tonne, according to the Metal Bulletin
  • Gold at US$1,121.76 an ounce; Brent oil at US$49.36 a barrel

The ASX was on fire today in a rally inspired by the Big Four banks. For the second day in a row, the market surged higher providing investors with a much needed burst of confidence.

Westpac Banking Corp (ASX: WBC) was the strongest performing bank, with its shares rising 4.2%. Its three peers rose between 3.4% and 3.7% with Australia and New Zealand Banking Group (ASX: ANZ) putting in another stellar performance.

BHP Billiton Limited (ASX: BHP) and Woolworths Limited (ASX: WOW) were the most notable blue chips trading in the red, with both companies trading ex-dividend today.

Paladin Energy Ltd (ASX: PDN) and WHITEHAVEN COAL LIMITED (ASX: WHC) were the two top performing stocks, rising 12.8% and 7.9% respectively. Monadelphous Group Limited (ASX: MND) was the biggest loser, down 6.3%, with FlexiGroup Limited (ASX: FXL) also down 5.2%.

Here are the major stories from Wednesday:

  1. Warren Buffett has enjoyed the recent market crash. Buying when others are fearful is how he's made his fortune, after all.
  2. Deutsche Bank has also said that there are a number of "exceptional buying opportunities" currently on offer.
  3. QBE Insurance Group Ltd (ASX: QBE) has learned that law firm Maurice Blackburn intends to launch a class action against it.
  4. One Foolish contributor questions whether it's time Woolworths Limited (ASX: WOW) sold its struggling Masters business.
  5. With crashing commodity prices, mining giant South32 Ltd (ASX: S32) could be on Glencore's shopping list
Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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