Here's why the S&P/ASX 200 is skyrocketing higher today

The S&P/ASX 200 (Index:^AXJO) (ASX:XJO) has soared on the back of strong gains from National Australia Bank Ltd. (ASX:NAB), BHP Billiton Limited (ASX:BHP), Telstra Corporation Ltd (ASX:TLS) and Woolworths Limited (ASX:WOW)

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Australian investors have quickly moved on from yesterday's plunge with the local share market soaring higher this morning, buoyed by strong gains on Wall Street overnight and defying concerns regarding the situation unfolding in Greece.

The Dow Jones and NASDAQ indices rose 1% and 1.3% respectively as a result of the Federal Reserve's dovish stance on interest rates. As a result, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) surged past the 5,600 point mark, climbing 1.4% and reversing the damage caused during yesterday's session, while the ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) rose 1.3%.

The banks have managed to get back on top and are once again leading the market higher after a number of analysts said their shares were once again representing good value for investors. National Australia Bank Ltd. (ASX: NAB) has enjoyed a 1.4% gain while Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC) and Australia and New Zealand Banking Group (ASX: ANZ) have all risen more than 1.0%.

Australia's largest miners are also lending plenty of support after the iron ore price eked out a marginal gain overnight, easing fears that the commodity was staring down the barrel of another major sell-off. BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) jumped 1.6%  and 1.1% respectively while Fortescue Metals Group Limited (ASX: FMG), the nation's third-largest iron ore producer, rose 2.8%.

Pleasingly, the gains weren't restricted to the miners and banks. Telstra Corporation Ltd (ASX: TLS) rose 1.1%, CSL Limited (ASX: CSL) gained 1.6% while supermarket giants Woolworths Limited (ASX: WOW) and Wesfarmers Ltd (ASX: WES) also managed to regain some composure, climbing 1.9% and 0.2% respectively.

Despite today's gain, the ASX 200 remains well below its recent high levels and Goldman Sachs is calling now one of the best times to purchase local shares in nearly a decade. Long-term 'Foolish' investors should take note and start their hunt for some bargains (in case you hadn't started already).

Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned. You can follow Ryan on Twitter @ASXvalueinvest. 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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