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ASX follows US in stock market rally

ASX follows US in stock market rally

The Australian stock market was boosted overnight as it benefited from gains at its US peers, as the markets responded positively to signs of global economic recovery.

The Australian All Ordinaries Index had risen 1.58% to 4,750 as of 12:51 AEST today. The boost was stimulated by a 2.68% increase in the Nasdaq – and a 1.28% increase in the Dow Jones Industrial Average – as of close of trading yesterday.

The markets have reacted to the optimistic comments made by US president Barack Obama at Friday’s G-20 summit.

A recent spate of mergers and acquisitions, such as Xerox’s acquisition of Affiliated Computer Services for an estimated $6.4 billion, has also stimulated activity.

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Tags economic crisisAll OrdinariesMergers and acquisitions

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