Australian stocks are ripping higher

Australia’s David Morris takes a practice run for the men’s aerials for the 2016 FIS Freestyle Ski World Cup at Deer Valley Resort, Utah. Tom Pennington/Getty Images

Australian stocks soared.

At the close, the ASX 200 was at 4,980.40, up 103.64 points or 2.13%, making up the 2.33% losses of yesterday.

Local investors were reacting to a positive Wall Street and a strong surge in the price of oil.

Energy stocks led the rally, up more than 5% across the board. Woodside Petroleum was 5.8% higher at $27.14 and Santos 11% at $3.08.

The rise in commodity prices also benefited the big miners. BHP was on a tear, up 8.2% to $15.44, and Rio Tinto also added 8% to $39.44.

South32, the BHP spinoff, was 15% higher at $1.095 after announcing a major restructure, including 600 jobs losses and $1.2 billion in writedowns.

The major banks were running higher with Westpac up 2.85% to $30.27.

But Macquarie investors weren’t impressed with the bank’s latest market update showing it on track for a record full year profit nearing $2 billion. Its shares were down 5% to $64.80.

Ansell, the condom maker, lost 19% to $15.05, after announcing a profit downgrade.

Tabcorp was down 5.4% to $4.27 after a 33% fall in profit for the half year.

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