Business News
Australian stocks join rise 2 per cent
Jan 4, 2012, 5:41 GMT
Sydney - Australian stocks rose 2 per cent Wednesday after better-than-expected economic data from the United States sparked a rally there and in Europe.
The ASX 200 gained 86 points to close at 4,187.
The market, which over 2011 posted a 14-per-cent loss, has gained more than 3 per cent in the first two sessions of 2012.
Investors were buoyed by Wall Street's Dow Jones Industrial Average, now at a six-month high.
'We're going in with all guns blazing,' Austock Securities analyst Michael Heffernan told Australia's AAP news agency. 'If we can remove the European stone from around our neck, we'll be like an unleashed bull.'
The Australian dollar was back in vogue, rising to a 30-day high of 1.0347 to the US dollar near the market's close.
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