Australian Stocks Are Getting Smoked

Demolishing the end terrace cottage at Birling Gap near Eastbourne, UK. Mike Hewitt/Getty Images

The ASX’s week-long run may be over.

The market is getting smashed despite a strong Wall Street overnight.

The S&P/ASX 200 index was at 5,474.70, down 55.37 points or 1%, firming slightly on earlier trade.

Resources stocks led the market down with Fortescue down -3.91% to $4.92, Newcrest down to 3.03% to $10.415, BHP down 1.162% to $37.430 and Rio Tinto down 1.97% to $60.84.

Investors marked Wesfarmers down 2.16% to $42.94 after it released below expectation sales numbers for Coles supermarkets and liquor stores of $6.73 billion, a 3.9% rise for the third quarter.

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