The Australian share market has closed positive as investors shrug off chaos in the United States amid hopes for a V-shaped economic recovery.

The S&P/ASX200 benchmark index finished on the highs of the day Monday, closing up 63.5 points, or 1.1 per cent, at 5,719.2 points after being down almost half-a-per cent earlier.

The All Ordinaries index closed up 66.2 points, or 1.13 per cent higher, at 5,938.4.

The Aussie meanwhile was at its highest level since late January.

One Australian dollar was buying 67.51 US cents, up from 66.55 US cents at the close of trade on Friday.