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Australian stocks are on a tear

Mark Wilson/Getty Images

Australian stocks are ripping higher.

The ASX 200 broke through the key 5000 point level on the back of a rally in the US and Europe.

At the close, the index was at 5,021.20, up 98.95 points or 2.01%.

Local investors were buoyed by a stronger Wall Street. The S&P 500 was up 2% overnight, led by financial and tech stocks. The Automotive sector also rallied on US car sales hitting 15-year highs in February.

They also took heart from official GDP numbers showing the Australian economy is growing faster than thought.

Financial stocks, the big miners and the energy sector all rallied.

The big four banks led the charge higher with the ANZ closed 4.47% higher at $24.10, the NAB 3.5% to $25.55, Westpac 4.1% to $30.69 and the Commonwealth 3.5% to $73.94.

BHP added 4.3% to $16.73 and Woodside Petroleum 5% to $27.11.

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