Australian Market Significantly Higher

(RTTNews) - Recouping some of the losses in the previous two sessions, the Australian stock market is trading significantly higher on Tuesday, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 7,800 level, with gains across most sectors led by iron ore miners, energy and financial stocks.

The benchmark S&P/ASX 200 Index is gaining 48.90 points or 0.63 percent to 7,812.10, after touching a high of 7,817.30 earlier. The broader All Ordinaries Index is up 46.70 points or 0.58 percent to 8,058.90. Australian stocks closed significantly lower on Monday.

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

Oil stocks are mostly higher. Woodside Energy and Origin Energy are edging up 0.5 percent each, while Santos is adding almost 1 percent. Beach energy is flat.

Among tech stocks, Appen is gaining more than 1 percent, while WiseTech Global and Zip are adding almost 1 percent each. Afterpay owner Block is declining more than 1 percent and Xero is edging down 0.2 percent. Gold miners are mixed. Gold Road Resources is edging down 0.5 percent and Resolute Mining is declining more than 2 percent, while Northern Star resources, Newmont and Evolution Mining are edging up 0.1 to 0.4 percent each.

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

In the currency market, the Aussie dollar is trading at $0.674 on Tuesday.

On Wall Street, stocks ended mixed on Monday, turning a bit sluggish after a fairly good start. Among the major averages, the Nasdaq and the S&P 500 moved on to record highs, while the Dow ended in negative territory. Optimism about the outlook for interest rates aided stocks earlier in the session

The Dow edged down 31.08 points or 0.08 percent to 39,344.79. The S&P 500 ended higher by 5.66 points or 0.1 percent to 5,572.85, while the Nasdaq advanced 50.98 points or 0.28 percent to 18,403.74.

The major European markets also moved to the downside on the day. The U.K.'s FTSE 100 ended down 0.13 percent, France's CAC 40 closed lower by 0.63 percent, and Germany's DAX settled 0.02 percent down.

Crude oil prices fell on Monday after Hurricane Beryl forced the shutdown of some oil export facilities near Houston. West Texas Intermediate Crude oil futures for August ended down $0.83 or 1 percent at $82.33 a barrel.