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Australian stocks climb by midday, S&P 200 81.4pts

Australian stocks climb by midday, S&P 200 81.4pts

PERTH: The Australian stocks has reversed yesterday’s slump, with all sectors surging on strong Wall Street leads and hopes of more China stimulus spending.

At 12.05pm (AEDT), the benchmark S & P/ASX200 index rose 81.4 points, or 1.39 per cent, to 5927.5, while the broader All Ordinaries index rallied 78 points, or 1.34 per cent, to 5894.

Quay Equities head of trading Tristan K’Nell said the market was seeing a complete role reversal after yesterday’s plunge, with equities pushing higher on the back of strong offshore gains and as markets were boosted by optimism of further stimulus in China.

US stocks climbed at the close as deal-making buoyed the healthcare sector, with the Dow Jones Industrial Average jumping 1.5 per cent and the S & P 500 gaining 1.2 per cent.

CMC chief market strategist, Michael McCarthy, said German inflation was stronger than expected and US numbers showed surprise increases in personal income and pending home sales.