ASX200 breaks 6000 for the first time in a decade

Photo: Matt King/ Getty Images.

Australian stocks ripped higher, hitting their highest point on the ASX200 in almost 10 years.

At the close, the ASX200 was at 6,014.30, up 60.52 points or 1.02%.

The last time the index was above 6000 was on January 10, 2008, when it closed at 6,078.70.

Today is Melbourne Cup day when trading volumes are traditionally low.

The big miners lead the rally with BHP up 3.9% to $28.75 and Rio Tinto 2% to $74.74.

The rising price of oil drove energy stocks higher including Woodside Petroleum which was trading 3.3% higher at $33.29.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.