Investors are likely to see early gains on the Australian share market after a surprisingly upbeat US jobs report drove recovery hopes on Wall Street.

The local SPI 200 futures contract was higher by 41 points, or 0.67 per cent, to 6,138.0 at 0700 AEST on Tuesday, indicating gains in share values early.

US investors helped the Nasdaq to a record high close, becoming the first of the major indexes to confirm a new bull market, and the Dow and S&P 500 jumped as expectations for a swift recovery from a coronavirus-driven downturn increased.

A closely watched monthly jobs report on Friday showed an unexpected fall in the unemployment rate, bolstering views that the worst of the economic damage from the virus outbreak was over.

The Dow Jones Industrial Average rose 461.46 points, or 1.7 per cent, to 27,572.44, the S&P 500 gained 38.46 points, or 1.20 per cent, to 3,232.39 and the Nasdaq Composite added 110.66 points, or 1.13 per cent, to 9,924.75.

The Australian dollar has reached its highest level since July last year, buying 70.21 US cents at 0700 AEST. That was higher from 70.02 US cents at the close of trade on Friday.