Australian stocks are ripping higher on the Greek bailout

Protesters gather outside the Greek parliament to demonstrate against austerity after an agreement for a third bailout. Christopher Furlong/Getty Images

Australian stocks surged higher, led by the big miners and the major banks, pulled along by a global rally in response to the Greek debt bailout plan.

A short time ago, the S&P/ASX 200 was at 5,583.80, up 110.63 points or 2.02%. So far the market is having its best day since mid February.

Wall Street surged overnight after the bailout deal. The S&P 500 closed up by 1.1% and the tech heavy Nasdaq was up 1.5%.

On the local market, all ten sectors were higher. Westpac was up 2.15% to $33.67, BHP 2.951% to $27.19, Rio Tinto 3.25% to $53.20 and Fortescue Metals more than 4% to $1.795.

Retailers gained with JB Hi-Fi up 2.15% to $19.94, Myer 1.39% to $1.237 and Woolworths 2.66% to $27.84.

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