On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had its best day in a long time when it raced significantly higher. The benchmark index rose a staggering 3.75% to 6,699.3 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
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ASX 200 expected to storm higher again
The Australian share market looks set to continue its recovery on Wednesday after another strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 96 points or 1.4% higher this morning. In late trade on Wall Street, the Dow Jones is up 2.4%, the S&P 500 is up 2.7%, and the Nasdaq is up 3%.
Oil prices jump again
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a strong day after oil prices continued to rise overnight. According to Bloomberg, the WTI crude oil price is up 3.1% to US$86.25 a barrel and the Brent crude oil price has risen 3.1% to US$91.60 a barrel. Traders were buying oil ahead of OPEC's big meeting. The cartel is expected to cut production materially to boost prices.
Block shares on watch
It could be an incredible day for the Block Inc (ASX: SQ2) share price on Wednesday. The payments company's NYSE-listed shares are up a whopping 11% in late trade on Wall Street, which bodes well for its ASX-listed shares today. This follows a strong session for beaten down tech stocks in the United States.
Gold price rises again
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 1.9% to US$1,734.8 an ounce. Gold hit a three-week high after the US dollar and bond yields softened.
Dividends being paid
Today is payday for shareholders of a number of ASX 200 shares. This includes building materials company Adbri Ltd (ASX: ABC), corporate travel specialist Corporate Travel Management Ltd (ASX: CTD), biotherapeutics giant CSL Limited (ASX: CSL), and travel and transport company Kelsian Group Ltd (ASX: SLK).
