Australian stocks are rallying hard

Aubrey Gemignani/NASA via Getty Images

Australian stocks took off today with the banks and the major miners back in favour with investors, spurred by a strong lead from Wall Street and better prospects to solve Greece’s debt problems.

The banks were leading the pack. Westpac was up 1.91%, the Commonwealth 1.78% to $81.33, the NAB 1.41% to $32.28 and the ANZ 1.35% to $31.51.

BHP was up almost 2% to $28.21 and Rio Tinto 1.96% to $57.17. Fortescue Metals was up 3.86% to $2.42.

Among energy stocks, Santos was up 2.1% to $8.24 and Oil Search 3.6% to $7.70.

Wall Street closed overnight higher with the S&P 500 up 1.2%. Locally, all ten sectors were higher after a week of losses.

The market fell back on the news of better official employment numbers but the ASX 200 was still tracking above 5500 and up more than 1%.

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