Australian stocks are rallying

Australian stocks have broken through the key 5800 point level on the ASX200 index.

A short time ago, the index was at 5,824.90, up 69.32 points or 1.20% a 19 month high as the market heads toward its fifth session of gains.

The ASX200 has gained 2.8% since the start of the calendar year.

The local market followed Wall Street which hit record highs with the S&P500 closing 0.4% higher on Friday.

Westpac had added 1.7% to $34.05, the AMP 1.1% to $5.34 and Qantas 0.75% to $3.35.

Macquarie Bank was up 1.7% to $89.31 and the Bank of Queensland almost 1.9% to $12.43.

Woodside Petroleum jumped 1.5% to $31.93 and BHP reversed earlier fall to be ahead by 0.2% to $25.575.

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