The local sharemarket is rocketing higher today, extending on the gains already achieved in the latter half of this week.
The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) soared 94 points, or 1.8%, to 5358 points. Although it still remains considerably below its peak levels from earlier this year, it has managed to recoup some of the losses endured during August's sharp selloff to be at its highest point in two months.
Today's rally has been the result of a remarkable performance from international equity markets overnight, driven by indications of further easing in monetary policy in Europe and better-than-expected earnings results in the United States.
Investors who own the Big Four banks are among the biggest winners today, partially due to heightened expectations of another interest rate cut locally.
National Australia Bank Ltd. (ASX: NAB) gained 2%, while Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC) and Australia and New Zealand Banking Group (ASX: ANZ) each gained between 1.7% and 1.9%.
BHP Billiton Limited (ASX: BHP) also recovered 2%, as did Woolworths Limited (ASX: WOW), while fellow blue-chip members Telstra Corporation Limited (ASX: TLS) and Wesfarmers Ltd (ASX: WES) gained 1.4% and 1.5% respectively.
Indeed, local shares are climbing higher and now could be an excellent time to join other investors in buying high-quality companies trading at discounted prices.
