Australian stocks are bouncing back

Bruno Fornaroli (L) of the City celebrates a goal with Aaron Mooy during the FFA Cup Quarter Final match between Heidleberg United and Melbourne City. Michael Dodge/Getty Images

Australian stocks rebounded in early trade.

The turnaround after Tuesday’s 3.82% meltdown came after quiet trade on Wall Street where the S&P500 closed just 0.1% higher overnight.

On the local market nine out of ten sectors added weight. The major banks and the big miners all gained.

The Commonwealth was up 1.97% to $71.53 and BHP more than 1% to $21.84. Energy stocks also came back with Woodside up almost 2% to $28.73.

Local resources stocks were stronger after mining giant Glencore, which led global markets down Tuesday, gained 16% in overnight trade in the UK.

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