Australian Market Significantly Higher

(RTTNews) - The Australian stock market is significantly higher on Tuesday, reversing some of the losses in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 9,000 level, with gains in iron ore miners and technology stocks partially offset by weakness in gold miners, financial and energy stocks.

The benchmark S&P/ASX 200 Index is gaining 77.90 points or 0.87 percent to 9,003.90, after touching a high of 9,021.50 earlier. The broader All Ordinaries Index is up 86.90 points or 0.95 percent to 9,200.30. Australian stocks ended slightly lower on Monday.

Among the major miners, BHP Group is gaining more than 2 percent and Fortescue is up more than 1 percent, while Mineral Resources and Rio Tinto are adding almost 2 percent each.

Oil stocks are weak. Woodside Energy is losing almost 1 percent and Santos is down more than 1 percent, while Beach energy and Origin Energy are flat.

Among tech stocks, Afterpay owner Block is gaining more than 4 percent, Xero is adding almost 5 percent, Zip is jumping more than 8 percent, WiseTech Global is surging almost 7 percent and Appen is advancing almost 6 percent.

Gold miners are mostly lower. Evolution Mining, Northern Star resources and Newmont are losing almost 2 percent each, while Resolute Mining is down more than 1 percent and Genesis Minerals declining more than 2 percent.

Among the big four banks, Commonwealth Bank is gaining almost 1 percent, while National Australia Bank is edging down 0.4 percent, Westpac is declining more than 2 percent and ANZ Banking is losing almost 1 percent.

In the currency market, the Aussie dollar is trading at $0.709 on Tuesday.

On Wall Street, stocks moved to the downside early in the session on Monday but showed a significant turnaround over the course of the trading day. The major averages climbed well off their worst levels of the day and firmly into positive territory.

The major average saw further upside late in the day, reaching new highs for the session. The Nasdaq surged 280.84 points or 1.2 percent to 23,183.74, the S&P 500 jumped 69.35 points or 1.0 percent to 6,886.24 and the Dow climbed 301.68 points or 0.7 percent to 48,218.25.

Meanwhile, the major European markets moved to the downside on the day but closed well off their worst levels. While the U.K.'s FTSE 100 Index edged down by 0.2 percent, the German DAX Index and the French CAC 40 Index both dipped by 0.3 percent.

Crude oil prices surged on Monday after U.S. President Donald Trump imposed a blockade on ships transiting to and from Iran via the Strait of Hormuz. West Texas Intermediate crude for May delivery was up $2.67 or 2.76 percent at $99.24 per barrel.