Australian stocks are rallying

George Rose of the Dragons is tackled during the round two NRL match between the Wests Tigers and the St George Illawarra Dragons at Campbelltown Sports Stadium. Mark Kolbe/Getty Images

The Australian market is rallying after a weak start to the week, following Wall Street higher.

The major banks are all up more than 1%, led by the Commonwealth at $93.29, stronger by 1.63%. AMP is up 2.64% to $6.64.

Investors are chasing the big miners with BHP up 1.17% to $29.74 and Rio Tinto 0.35% to $57.90. Iluka Resources was up 0.95% to $7.44 and BC Iron up 3.85% to $0.405.

Wall Street closed overnight with the S&P 500 stronger by 1.4%.

Yesterday the Australian market closed down 0.29%, adding to the 1.4% lost last week.

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