Shares were slightly lower on the Australian market, but had swung between losses and gains in the first few hours following a Wall Street rebound.

The S&P/ASX200 benchmark index was down 10.9 points, or 0.18 per cent, to its session low of 5949.4 at 1200 AEDT on Friday.

The All Ordinaries dropped 12.5 points, or 0.2 per cent, to 6155.5.

Both indices had substantial peaks and troughs in the first few hours.

However, the ASX200 fell markedly from about 1130 AEDT after the White House coronavirus task force warned much of the United States was in the grip of an unrelenting rise in infections and urged tough countermeasures.

The ASX’s financial sector was the best performer, higher by 0.82 per cent.

Energy was the only other positive sector, up 0.49 per cent.

Industrials had the biggest drop, 1.84 per cent.

Meanwhile, Queensland will reopen to all of regional NSW, but Sydney and Victoria remain on the COVID-19 border blacklist.

Restrictions will be eased from 1am AEST on Tuesday.

The decision comes ahead of the Queensland state election on Saturday.

On the ASX, AMP shares have rocketed by 20 per cent after it received an acquisition offer from US investment group Ares Management Corporation.

AMP on Friday told the share market that Ares had offered to buy all shares but talks were preliminary and a sale was no certainty.

Shares were up 20.11 per cent to $1.53.

In banking, Westpac chief executive Peter King has had a two-year term removed from his contract and said he is committed to a multi-year plan to turn the bank around.

Shares were higher by 0.5 per cent to $18.04.

Among other banks, ANZ was up 1.01 per cent to $18.89, the Commonwealth added 1.24 per cent to $68.99 and NAB gained 0.69 per cent to $18.73.

Bendigo Bank climbed 2.28 per cent to $6.71 while Bank of Queensland was up 2.38 per cent to $6.44.

In health, ResMed said its first quarter sales were up 10 per cent to $US751.9 million as the company made ventilators and masks to overcome COVID-19.

Net operating profit increased 27 per cent.

The company will pay a quarterly dividend of 39 US cents per share.

Shares were up 9.52 per cent to $27.94.

Among the miners, BHP shed 0.17 per cent to $33.95, Rio Tinto was up 1.51 per cent to $92.34 and Fortescue gained 4.27 per cent to $17.33.

In the US earlier, stocks rallied as investors anticipated strong results from the biggest names in the US corporate universe – Apple, Amazon.com, Alphabet and Facebook – which were published after the market closed.

The Dow Jones Industrial Average rose 139.16 points, or 0.52 per cent, to 26,659.11, the S&P 500 gained 39.08 points, or 1.19 per cent, to 3,310.11 and the Nasdaq Composite added 180.73 points, or 1.64 per cent, to 11,185.59.

The Aussie dollar was buying 70.35 US cents at 1200 AEDT, lower from 70.62 US cents at the close of trade on Thursday.