Australian stocks are on a tear

William West/AFP/Getty Images

Australian stocks ripped higher.

The ASX200 broke through the 5700 mark in early trade and kept going.

A short time ago, the index was at 5,776.50, up 92.01 points or 1.62%.

The major banks had added about 2%, with the NAB 2.8% higher at $30.36 and Westpac 2.9% to $31.27.

Prices for oil and other commodities rose, lifting resources stocks.

BHP was up 2.7% to $23.87, Rio Tinto 1.8% to $64.77 and Woodside Petroleum 1.4% to $30.35.

Retail stocks jumped after better than expected official retail sales numbers.

JB Hi-Fi was up 5% to $24.43, Harvey Norman 5.5% to $4.01, Myer 2.4% to $0.85 and Speciality fashion 8.8% to $0.43.