Australian Stocks Are Ripping Higher

Copacabana Beach on January 1, 2015, in Rio de Janeiro, Brazil. Mario Tama/Getty Images

Stocks are up this morning.

Australian share market rose by 1% as it started the week with higher oil prices and positive signals from Wall Street and Europe.

In the US, investors were encouraged by good consumer sentiment data. The S&P 500 index was up 1.3% on Friday.

Europe picked up on expectations that the European Central Bank would soon start an economic stimulus package.

Locally, energy stocks were up as oil prices lifted by about 5%. Santos was up 1.8% to $7.63.

The miners were stronger, led by BHP, up more than 4% to $28.140.

Macquarie jumped more than 5% to $58.29 after the bank lifted profit expectations by up to 20%.

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