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Australia’s share market has plunged again following three days of gains, showing that the bear market is far from over.

The S&P/ASX200 benchmark index gained two per cent in early trade but then faded throughout the day to finish Friday down 270.9 points, or 5.3 points, to 4,824.4.

The broader All Ordinaries index closed 261 points, or 5.08 per cent, at 4,874.2.

The Australian dollar was buying over 61 US cents for the first time in eight days, trading 61.06 US cents, up from 59.14 US cents as the market closed on Thursday.