Australian stocks ignore Wall Street's surge

William West/AFP/Getty Images

Australian stocks opened marginally higher quickly reversed despite an overnight surge of Wall Street.

In the US, stocks bounced back with the S&P500 adding 1.7% and the Dow Jones index 2%.

On the ASX, the big miners were in the green in early trade.

Rio Tinto was up 1.6% to $79.26 and BHP 1.1% to $29.90.

The banks opened higher but then lost ground. Westpac was down 0.5% to 29.99 and the was just 0.01% higher at $75.89.

Among retailers, Myer was down 1.8% to $0.54.

Bionic earl company Cochelar was down 2.5% to $167.47 after announcing weak profit growth in the first half.

The ASXC200 bounced higher but then fell. A short time ago, the index was at 5,823.60, up just 2.90 points 0.05%.

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