Australian stocks are rallying

Daniel Johnson of the 36ers during the round one NBL match between the Adelaide 36ers and the New Zealand Breakers. Morne de Klerk/Getty Images

Australian stocks jumped in early trade.

The market was being driven by the big miners, BHP and Rio Tinto, which were investor favourites in London overnight. On Wall Street the S&P500 was up 0.8%.

On the local market, all ten sectors were higher.

BHP was up 3.17% to $25.03 and Rio 3.49% to $54.00.

The bank of Queensland jumped 6.5% to $12.37 on the back of better than expected full year profits.

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