Australian Market Significantly Higher

(RTTNews) - Adding to the gains in the previous session, the Australian stock market is trading significantly higher on Tuesday, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,300 level to fresh all-time highs, with gains across most sectors led by mining and technology stocks. Energy stocks were the only weak spot amid tumbling crude oil prices. The benchmark S&P/ASX 200 Index is gaining 62.80 points or 0.76 percent to 8,315.60, after touching an all-time high of 8,314.60 earlier. The broader All Ordinaries Index is up 62.70 points or 0.74 percent to 8,592.20. Australian stocks closed notably higher on Monday.

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

Oil stocks are mostly lower. Origin Energy is losing almost 1 percent, while Woodside Energy and Santos are declining more than 1 percent each. Beach energy is flat.

Among tech stocks, Xero and WiseTech Global are adding more than 1 percent each, while Afterpay owner Block is advancing more than 3 percent and Appen is gaining almost 1 percent. Zip is losing more than 1 percent. Gold miners are mostly higher. Gold Road Resources and Northern Star resources are gaining almost 1 percent each, while Evolution Mining is edging up 0.4 percent, Newmont is adding more than 1 percent and Resolute Mining advancing almost 4 percent.

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

In the currency market, the Aussie dollar is trading at $0.673 on Tuesday.

On Wall Street, stocks saw further upside during trading on Monday following the strong upward move seen during last Friday's session. The major averages all moved higher on the day, with the Dow and the S&P 500 reaching new record closing highs.

The major averages reached new highs for the session late in the day before giving back some ground going into the close. The Dow rose 201.36 points or 0.5 percent to 43,065.22, the Nasdaq jumped 159.75 points or 0.9 percent to 18,502.69 and the S&P 500 climbed 44.82 points or 0.8 percent to 5,859.85.

The major European markets all also moved to the upside on the day. While the German DAX Index advanced by 0.7 percent, the U.K.'s FTSE 100 Index climbed by 0.5 percent and the French CAC 40 Index rose by 0.3 percent.

Crude oil prices fell sharply on Monday, weighed down by another downward revision in demand forecast by OPEC, and concerns about demand from China. West Texas Intermediate Crude oil futures ended down $1.73 or about 2.29 percent at $73.83 a barrel.