The wild ride for the Australian share market has continued with a 330-point swing that turned its early strong gains into an afternoon loss.

The S&P/ASX200 benchmark closed Tuesday down 104.6 points, or 2.02 per cent, at 5,076.8.

It had climbed by as much as 3.5 per cent to 5,366.4 in early trade, marking the benchmark’s highest point in 11 sessions and a rise of more than 21 per cent from a seven-year low hit just last week.

The All Ordinaries index dropped 83.4 points, or 1.61 per cent, to 5,110.6.

The Australian dollar was buying 61.89 US cents, up from 61.47 US cents as the market closed on Monday.