Australian stocks are rallying

Eric Camilli of France slides through a corner in his Ford Fiesta WRC car during the first day of the Rally of Australia at Coffs Harbour, NSW. William West/AFP/Getty Images

The Australian market broke through the 5400 point level on the ASX200.

A short time ago, the index was at 5,411.10, up 59.76 points or 1.12%.

The local market followed a global rally with Wall Street’s S&P500 closing 0.8% higher overnight.

On the ASX, all sectors were in the green.

BHP, up 3% to $25.02, was leading the market higher after a surge in commodity prices overnight.

Energy producer Woodside Petroleum was up 2% to $30.40 and pure play iron ore miner Fortescue Metals 2.3% to $5.86.

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