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Market Roundup: S&P/ASX 200 soars as bulls take over

It was a rollercoaster ride for investors, but the ASX ended the day well ahead.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 2.1% to 5,021 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 2% to 5,058 points
  • AUD/USD at US 70.14 cents
  • Iron Ore at US$56.05 a tonne, according to the Metal Bulletin
  • Gold at US$1,126.30 an ounce
  • Brent oil at US$48.02 a barrel

The local sharemarket soared in the early stages of Wednesday’s session. The recovery ultimately lost steam as investors reverted to their shells, but soon regained its composure as investors took advantage of the midday dip.

The miners were back on top today after Tuesday’s horror session. BHP Billiton Limited (ASX: BHP) closed 2.8% higher, while Rio Tinto Limited (ASX: RIO) rose 4.5%. Fortescue Metals Group Limited (ASX: FMG) jumped an impressive 9%, making it the ASX 200’s top performing stock.

Commonwealth Bank of Australia (ASX: CBA) was the best of the banks. It surged 3.7%, compared to a 2% to 2.7% rise for its rivals, with National Australia Bank Ltd. (ASX: NAB) being the next best performing bank.

Telstra Corporation Ltd (ASX: TLS) also recovered some of yesterday’s losses, jumping 2.2%.

Santos Ltd (ASX: STO) and Mesoblast Limited (ASX: MSB) were the market’s worst performing stocks, shedding 7% and 8.9% respectively.

Here are Wednesday’s top news stories:

  1. Origin Energy Ltd’s (ASX: ORG) capital raising: Who wants shares at $4 apiece?
  2. Should Telstra fear TPG Telecom Ltd’s (ASX: TPM) $1 billion Vodafone deal?
  3. 7 ASX small-cap stocks you need to know about
  4. Why a bet on BHP Billiton is a huge risk to take
  5. Why Metcash Limited (ASX: MTS) isn’t doomed
  6. Why saving and investing in your 20s is so important

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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.