SYDNEY, AAP – Australia’s share market has risen by more than one per cent after technology giants helped Wall Street close higher.
The S&P/ASX200 benchmark index was higher by 81.2 points, or 1.2 per cent, to 6843.8 at 1200 AEDT on Wednesday.
The All Ordinaries was higher by 80.1 points, or 1.13 per cent, at 7107.6.
The property sector was thriving, up by 2.58 per cent.
Energy rose 2.26 per cent after oil prices climbed two per cent as major producers reduced supply for February and March.
Heavyweight sector financials was up more than one per cent, as was health, industrials, consumer discretionaries, telecommunications and utilities.
Wall Street’s higher close was helped by gains in Amazon and Google-parent Alphabet ahead of their earnings and by optimism over progress on a US pandemic relief package.
Later, the US Senate voted for the proposed $US1.9 ($A2.5) trillion coronavirus aid bill without Republican support.
The Republicans prefer a $US618 billion aid package, although the Democrats can use their numbers to have the $US1.9 trillion plan pass.
The Democrats aim to have their bill approved by March.
In Australia, Reserve Bank governor Philip Lowe expects some slowing in employment growth when the federal government ends its JobKeeper wage subsidy scheme in March.
In his first public speech for the year, Dr Lowe says Australia’s economic downturn has not been as deep as initially feared and the bounce-back has been earlier and stronger than expected.
But he says there is still quite a way to go before the central bank’s goals of full employment and inflation being consistent with the two to three per cent target are reached.
On the ASX, a number of buy now, pay later providers were lower after the UK’s financial regulator recommended their services be regulated.
The Woolard Review found many consumers do not view the services as credit, and providers’ checks tend to focus on the risk to the firm than the consumer.
Recommendations include providers making affordability checks before lending and ensuring customers are treated fairly.
Afterpay, which trades under the name Clearpay in the UK, lost 0.47 per cent to $145.93.
Zip was down 1.19 per cent to $7.85 while Splitit shed 0.35 per cent to $1.41.
Virgin Money, which operates in the UK, was one of the best performers.
It rose 14.22 per cent to $2.81 after claiming an unspecified first-quarter profit.
In banking, ANZ rose 2.34 per cent to $24.92, the Commonwealth climbed 1.95 per cent to $88.28, NAB gained 2.47 per cent to $24.84 and Wespac was better by 2.19 per cent to $21.89.
Big miners dipped after the iron ore price slipped 0.95 per cent to $US156.50.
BHP shed 2.23 per cent to $44.09, Fortescue was stable at $22.71 and Rio Tinto was down 1.19 per cent to $113.65.
In US market results, the Dow Jones Industrial Average rose 475.57 points, or 1.57 per cent, to 30,687.48, the S&P 500 gained 52.45 points, or 1.39 per cent, to 3,826.31 and the Nasdaq Composite added 209.38 points, or 1.56 per cent, to 13,612.78.
The Aussie dollar was buying 76.08 US cents at 1200 AEDT, lower from 76.22 US cents at Tuesday’s close.