The Australian share market is expected to open higher following gains on Wall Street overnight.

The SPI200 futures contract was up 25 points, or 0.40 per cent, at 6,251.0 at 0800 AEST, suggesting a positive start for the benchmark S&P/ASX200 on Wednesday.

Wall Street bounced back from some of its losses of the previous day, with the Dow Jones Industrial Average closing up 0.82 per cent, the S&P 500 up 0.80 per cent and the tech-heavy Nasdaq Composite up 1.14 per cent.

The Aussie dollar is buying 69.44 US cents from 69.76 US cents on Tuesday.