Australian Market Notably Higher

(RTTNews) - The Australian stock market is trading notably higher on Tuesday, rebounding after three straight sessions of losses, following the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is moving to near the 8,000 mark, with gains in technology and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 37.70 points or 0.48 percent to 7,969.40, after touching a high of 7,981.40 earlier. The broader All Ordinaries Index is up 40.70 points or 0.50 percent to 8,207.10. Australian stocks closed notably lower on Monday.

Among the major miners, BHP Group is edging up 0.2 percent and Mineral Resources is gaining almost 1 percent, while Rio Tinto and Fortescue Metals are edging down 0.2 to 0.4 percent each.

Oil stocks are mostly lower. Woodside Energy is losing almost 2 percent, while Beach energy and Santos are edging down 0.3 to 0.5 percent each. Origin Energy is gaining almost 1 percent.

Among tech stocks, Afterpay owner Block is edging up 0.1 percent, Xero is advancing almost 2 percent, Appen is gaining more than 2 percent, Zip is surging more than 8 percent and WiseTech Global is adding almost 3 percent. Gold miners are mixed. Resolute Mining is gaining more than 1 percent and Newmont is adding almost 1 percent, while Northern Star resources is edging down 0.4 percent and Evolution Mining is losing more than 1 percent. Gold Road Resources is flat.

Among the big four banks, Commonwealth Bank, ANZ Banking Bank and National Australia Bank are gaining almost 1 percent each, while Westpac is edging up 0.5 percent.

In the currency market, the Aussie dollar is trading at $0.663 on Tuesday.

On Wall Street, stocks moved sharply higher over the course of the trading session on Monday, with technology stocks seeing a significant rebound following last week's sell-off. The tech-heavy Nasdaq posted a standout gain, although all three major averages moved to the upside on the day.

The major averages moved roughly sideways going into the close, hovering near their best levels of the day. The Nasdaq surged 280.63 points or 1.6 percent to 18,007.57, the S&P 500 jumped 59.41 points or 1.1 percent to 5,564.41 and the Dow rose 127.91 points or 0.3 percent to 40,415.44.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index climbed by 0.5 percent, the French CAC 40 Index and the German DAX Index jumped by 1.2 percent and 1.3 percent, respectively.

Crude oil prices eased on Monday, declining for the third consecutive session on concerns about the outlook for oil demand and renewed hopes of a ceasefire in Gaza. West Texas Intermediate Crude oil futures for August ended down $0.35 or at $79.78 a barrel.