The local sharemarket put on a spectacular display today.
Here's a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 1.6% to 5098 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 1.5% to 5123 points
- AUD/USD at US 71.36 cents
- Iron Ore at US$57.28 a tonne, according to the Metal Bulletin
- Gold at US$1,105.35 an ounce; Brent oil at US$47.82 a barrel
Following a strong lead set by Wall Street overnight, the ASX rallied higher reversing all of the losses endured during Tuesday's heavy selloff.
It was the Big Four banks that led the charge today. Westpac Banking Corp (ASX: WBC) rose 2.9% – the most of any of the banks – while its three major rivals all rose more than 2.2%.
Meanwhile, a fall in the iron ore price couldn't hold the miners down. BHP Billiton Limited (ASX: BHP) rose 2.3%, bolstered by a rise in the oil price, while Rio Tinto Limited (ASX: RIO) jumped 1.1%.
MMA Offshore Ltd (ASX: MRM) and APN News and Media Limited (ASX: APN) were the top performing stocks today, rising 8% and 7.1%. OzForex Group Ltd (ASX: OFX) was the worst, ending the day 4.3% lower.
Here are Wednesday's top stories:
- The Motley Fool Million Dollar Portfolio service will CLOSE to new members at midnight tomorrow night! (With the market sitting well below its April highs, it's the perfect time to get involved)
- Commsec has revealed the 10 shares most commonly purchased in July 2015. Do you own any of them?
- A $10,000 investment in BHP Billiton in 2011 is worth much less today…
- Is it too late for National Australia Bank Ltd. (ASX:NAB) to sell its UK assets?
- These 10 companies could benefit from the Turnbull-led government
- The US Federal Reserve is tipped to hike interest rates this week. Should investors expect a market crash?
