Australian stocks are surging

The Australian cricket team after winning the 2015 ICC Cricket World Cup Final. Quinn Rooney/Getty Images

The Australian market is rallying, following Wall Street higher on the back of good economic data, clawing back yesterday’s losses.

The S&P 500 index rose 1.2% overnight as US personal income rose and the home sales index went higher.

In Australia, mining and energy stocks recovered after a bad session driven by further falls in oil and iron ore prices yesterday.

BHP was up more than 3% to $31.03, Rio Tinto 2.3% to $57.17 and Woodside Petroleum was higher by more than 2% to $34.71.

Financial stocks followed with all the major banks higher, led by the Westpac, up 1.3% to $39.64.

Qantas was up almost 3% to $3.10.

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