Australia’s share market has risen more than four per cent from a near eight-year low as the US Federal Reserve unveiled unlimited quantative easing and new coronavirus cases seemed to plateau in Italy.

The benchmark S&P/ASX200 closed up 189.7 points, or 4.17 per cent, at 4,735.7, while the All Ordinaries index climbed 189.2 points, or 4.15 per cent, to 4,753.3.

The Australian dollar was buying 59.12 US cents, up 58.01 from at Monday’s close.