Australia’s share market was higher by more than two per cent and tech companies soared after their US peers led a Wall Street rally.

The S&P/ASX200 benchmark index was higher by 121.2 points, or 2.05 per cent, at 6047.3 points at 1200 AEST on Tuesday.

The All Ordinaries index was higher by 121.8 points, or 2.01 per cent, at 6175.7.

The ASX’s technology sector was up 3.93 per cent after momentum from US markets, where Microsoft and Apple had big gains due to acquisition talks and a buoyant profit report respectively.

Afterpay rose 6.46 per cent to $70.79, although still some way below its record price of $76.62.

Wisetech Global gained 6.24 per cent to $22.65.

All sectors were higher and financials was the next strongest, up 2.61 per cent.

ANZ rose 2.9 per cent to $17.72, the Commonwealth Bank gained 2.96 per cent to $72.00, NAB climbed 2.07 per cent to $17.29 and Westpac was up 3.09 per cent to $17.00.

Bendigo Bank had higher gains and rose 3.13 per cent to $6.76.

Strong manufacturing data from the United States, Europe and China in the past 24 hours has indicated a factory recovery may be on the cards despite rising COVID-19 cases.

Those data reports have helped sectors such as mining. BHP was up 1.35 per cent to $37.84, Rio Tinto gained 1.99 per cent to $105.05 and Fortescue rose 2.07 per cent to $18.24.

Investors appeared to be unshaken by the industry consequences of the beginning of Melbourne’s six-week hard lockdown.

There will be widespread shutdowns across the retail, manufacturing and construction sectors.

Wesfarmers told the market its Kmart and Target stores in Melbourne will only be able to serve customers through online channels, and contactless click and collect.

Wesfarmers’ Bunnings and Officeworks stores in the same city will also be closed to retail customers, but remain open for trade customers.

Shares in the company were up 1.06 per cent to $46.38.

Meanwhile, the Reserve Bank is tipped to leave the cash rate at a record low when its board meets amid desperate times in coronavirus-stricken Victoria.

Economists expect the central bank will keep the cash rate at 0.25 per cent on Tuesday, as the economy is further challenged by the start of a six-week hard lockdown in Melbourne.

In the US overnight, the tech-heavy Nasdaq Composite finished at an all-time high as Microsoft’s pursuit of Chinese-owned TikTok’s US operations lifted sentiment. Investors also placed bets on further US stimulus as Congressional Democrats and White House negotiators said they had made progress in discussions over a coronavirus relief bill. The Australian dollar was buying 71.23 US cents at 1239 AEST, lower from 71.30 US cents at Monday’s close.