Australian stocks are on a tear

A Sumatran Rhino light sculpture during a preview of Vivid Sydney at Taronga Zoo. Cameron Spencer/Getty Images

Australian stocks are soaring.

A short time ago, the ASX 200 was at 5,389.90, up 94.33 points or 1.78%.

Local investors followed Wall Street where the S&P 500 closed 1.4% higher.

Australia’s major banks all added weight with Westpac back above $30 a share, at $30.61, up almost 2.8%.

BHP was up 3.8% to $19.09 and Rio Tinto 2% to $45.11.

Wesfarmers was down 0.4% to $41.77 after announcing $2.3 billion in writedowns and restructuring costs on the Target and coal businesses.

CYBG, the Clydesdale Bank in the UK the NAB spun off earlier this year, was up almost 11% to $5.25 after posting better than expected results for the six months to March.

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