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Market Wrap: ASX and BHP shares soar on bargain hunting

Credit: geralt

The local share market rebounded in spectacular fashion today, led by some of the country’s biggest companies.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 2.4% to 5028 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 2.3% to 5078 points
  • AUD/USD at US 72.06 cents
  • Iron Ore at US$39.36 a tonne, according to the Metal Bulletin
  • Gold at US$1,064.28 an ounce
  • Brent oil at US$38.57 a barrel

Prior to today, the ASX 200 had fallen in each of its last six sessions but that chain was snapped today in what The Sydney Morning Herald described as a ‘pre-Fed rally’.

BHP Billiton Limited (ASX: BHP) delivered a stunning 5.6% rise after the iron ore and oil prices rose overnight, with Rio Tinto Limited (ASX: RIO) shares also rising 3%.

The four major banks rose strongly too, all lifting more than 2.5%. Commonwealth Bank of Australia (ASX: CBA) was the standout with a 2.9% rise for the day. Telstra Corporation Ltd (ASX: TLS), Wesfarmers Ltd (ASX: WES) and Woolworths Limited (ASX: WOW) all rose between 1.9% and 4% as well.

Crown Resorts Ltd (ASX: CWN) and Domino’s Pizza Enterprises Ltd (ASX: DMP) were the big winners for the day, rising 10.5% and 8.3%. Primary Health Care Limited (ASX: PRY) and Sonic Healthcare Limited (ASX: SHL) weren’t so lucky, sinking 9.7% and 5.6%.

Here are Wednesday’s top stories:

  1. Is the worst over for the BHP Billiton Limited share price?
  2. CRASH: Why the Primary Health Care Limited share price was smashed today
  3. Crown Resorts Ltd share price soars most in 7 years as Packer in talks to take assets private
  4. Star Wars: ‘May The Force’ be with Village Roadshow Limited shares this Christmas
  5. 5 dividend shares I’d buy my kids this Christmas
  6. Why the Sonic Healthcare share price has been slammed

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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.

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