Australian stocks are on a tear

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Australian stocks jumped higher in early trade.

A short time ago, the ASX 200 was at 4,996, up 73.75 points or 1.50%.

Local investors were buoyed by a stronger Wall Street. The S&P 500 was up 2% overnight, led by financial and tech stocks. Automotive stocks also rallied on US car sales hitting 15-year highs in February.

On the local market, bank stocks and the big miners rallied.

The ANZ was up 3.5% to $23.88, BHP 2% to $16.360 and Woodside Petroleum 3.4% to $26.69.

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