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Australian shares look set to rally for a third straight day after a massive US stimulus deal sent global markets soaring.

The SPI200 futures contract was up 104 points, or 2.06 per cent, at 5,149 points at 0700 AEDT on Thursday.

Local stocks rocketed the final minutes of trade on Wednesday after US politicians finally reached a deal on $A3.3 trillion stimulus measure to shore up the world’s biggest economy.

The S&P/ASX200 benchmark index closed up 262.4 points or 5.54 per cent, at 4,998.1, while the All Ordinaries index finished up 252.9 points, or 5.32 per cent, higher at 5,006.2.

The Australian dollar also rallied on the news on Wednesday, buying over 60 US cents for the first time in a week.

Global stock market sentiment improved further overnight and the surge looks set to continue on the local bourse.

The Aussie dollar was buying 59.62 US cents at 0700 AEDT on Thursday, down from 60.33 US cents on Wednesday as the market closed..